It increases procuration fee and launches residential products
Nottingham Building Society has announced several changes, including increased procuration fees and the launch of new residential products.
Aiming to provide additional support and value to brokers and their clients, the mutual has increased the procuration fee to 0.30% on all residential retention products.
It has also introduced 75% and 85% loan-to-value (LTV) residential products and reduced rates on its two-year residential fixed rates by up to 0.23%. The lender also refreshed end dates to December 31 on all two-year fixed products.
“In the last six months, we have been making significant enhancements to our new business criteria, and there are more to come,” remarked Alison Pallett (pictured), sales director at Nottingham Building Society. “In the meantime, we have taken the decision to enhance the procuration fee we pay on our standard residential product transfers, with immediate effect.
“We understand and appreciate the value of advice to new and existing customers and all of the work this involves. We hope this increase sends out a strong message and demonstrates our continued support to our intermediary partners who work tirelessly to do the right thing.
“The changes are also further evidence of our strategy of making home buying more accessible for those borrowers who have historically struggled to secure mainstream mortgages.”
Read more: Guide to Nottingham for intermediaries
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