The lender now offers around 0.45 per cent on its five, seven and 10-year fixed rates, with the aim of raising the product’s profile among mortgage intermediaries.
Abbey also said it would look to extend the enhancement to its tracker and capped mortgage product range if it proved successful.
Joe Wiggins, media relations executive at Abbey, said: “We aim to offer the best overall proposition to brokers and the rise in procuration fees, supported by our lending criteria and our service proposition, will hopefully help to do that.
“The increase brings our longer-term fixed rates into line with our flexible products and will be available to brokers from today.”
Abbey said the move was part of a campaign to focus on its longer-term products so the possibility of it being extended to its longer-term tracker and capped products was on the cards. However, it insisted there was no set timetable for this.
Mike Fry, director at Halton Insurance Service, said: “I’ve been very impressed with the Abbey in recent weeks. Its online service and speed of offer have been good and if we are going to get paid more for using it, then it’s a positive move.
“I see the proc fee as just a bonus. It’s more about the product and the speed and support offered by the lender. However, Abbey seems to be getting this right so it’s a bonus if the procuration fee is high.”
