It increases procuration fees in response to broker feedback
Specialist lender Harpenden Building Society has increased its procuration fees for mortgage product transfers to 0.30%.
The mutual, which distributes its specialist products solely via intermediaries, said it made the increase in response to its partners’ feedback.
“This increase is in recognition of the effort that intermediaries are required to carry out and that the advice process is the same whether it be a product transfer or a new mortgage,” stated Mike Cutler (pictured), commercial director at Harpenden Building Society.
“With rates changing so quickly, it is important that customers get the right advice and solution for their own individual circumstances.”
Danny Belton, head of lending at mortgage intermediary brand and specialist network Mortgage Advice Bureau, lauded the building society for acknowledging the hard work of brokers by rewarding them with increased procuration fees.
“The volume of product transfers continues to be significant in the current market conditions,” Belton pointed out. “Advice remains critically important, and the work intermediaries do should not be underestimated.
“However, this year, because of continued falling rates, intermediaries are having to spend more time on each case by regularly reviewing the product selection, so that the customer ends up on a best deal for them. It is great to see Harpenden recognise the true value that intermediaries provide by increasing the proc fee rate.”
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