This follows the lender's increase of its products' maximum loan sizes
Saffron Building Society has announced that it is removing procuration fee caps from its full product offering.
Prior to this, the fee cap for Saffron’s residential and BTL product range was £10,000 and £20,000 for self-build. There is now no limitation on procuration fees for Saffron products, making it easier for brokers to understand how they will be remunerated.
The recent changes mean that the building society now offers £3 million up to 80% loan-to-value (LTV) and £1 million up to 90% LTV across its residential and BTL products, and £3 million up to 80% LTV for self-build.
The removal of the procuration fee cap comes after the building society announced an increase in its maximum loan sizes last month.
“Since launching our larger loan sizes, we’ve been delighted with the positive feedback from our broker partners about this big step forward for the Saffron range,” commented Tony Hall (pictured), head of business development. “We’re always looking for ways to improve our proposition, which is why we’re now removing proc fee caps from our entire range to simplify our approach and better support brokers who deal with larger loan sizes.
“What’s more, we’ve committed that this will be a longstanding offering for our residential, BTL and self-build products, so brokers can be reassured that we’re a long-term partner for their larger loan cases.”
Saffron has also refreshed its product range, including reductions across selected self-build, residential, and buy-to-let products.
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