Mortgage News
Halifax and BM Solutions increase retention proc. fees for brokers
Halifax Intermediaries has strengthened its retention procuration fee strategy for brokers by removing the current LTV tiers and paying a full fee on all product transfers.
From the 1 August, Halifax Intermediaries will also align product transfer (PT) procuration fees with the commission rates on acquisition and remove the existing PT cap of £2,500.
The lender said the need for clarity was behind the move to flatten its tiered fee structure.
In addition, BM Solutions is also changing its fee structure, removing the minimum proc. fee of £200 and the cap of £5,000 on both acquisition and retention proc fees.
The lender will continue to pay a full proc. fee on buy-to-let retention deals.
Peter Curran, Lloyds Banking Group director of strategic partnerships, (pictured) said: “We are making these changes to simplify our intermediary proc fee strategy. It will also align both the Halifax Intermediaries and BM Solutions brands making it easier for our intermediary clients.
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“This change aligns intermediary reward with customer mortgage needs and compliments our commitment to be the best bank for customers.”