You are here: Home - News -

TML increases procuration fees by £300 for distributors

by:
  • 03/10/2016
  • 0
TML increases procuration fees by £300 for distributors
The Mortgage Lender (TML) is increasing its procuration fees by £300 for applications it receives from its distribution partners before 31 December, it has been announced today.

The procuration fee is payable to TML’s distribution partners but is not applicable to those who place business directly with TML.

TML’s partners include the newly announced PMS Mortgage Club as well as SimplyBiz Mortgages, Paradigm Mortgage Services and The Mortgage Alliance.

Pete Thomson (pictured), sales and marketing director of TML, said: “Having successfully launched in mid-July and with a pipeline already exceeding £50m, we have been able to offer a market leading tracker rate of 1.98%.

“The last quarter of the year is where we had always planned to ramp up our sales activity. Our systems are tried and tested and we’ve already seen cases completing.”

A increase in procuration fees has been an ongoing topic of discussion among brokers and the move by TML indicates that lenders are now listening to their concerns.

In July Virgin Money launched its online mortgage retention platform, giving advisers a procuration fee of 0.38%.

Having launched earlier this year, TML aims to be an alternative choice for borrowers who do not fit the traditional high street lender criteria, including the self-employed and those with a bad credit history.

Products are available up to 85% loan-to-value (LTV). Rates include a two-year tracker priced at 2.18% and fixed rates starting from 2.41%.

 

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
Robert Collins
Brightstar expands team with high-net-worth division Sirius

Brightstar Financial has expanded its business with a team which will focus on arranging finance for wealthy residential and commercial...

Close