Mortgage News
Leeds raises DA proc fees
Leeds Building Society has raised its procuration fees for directly authorised (DA) brokers to reflect the level of work needed to place a mortgage following the Mortgage Market Review.
The fee will increase by 0.03% up to a maximum of 0.4% which the society said brought it in line with similar fees in the market.
Chief executive of SimplyBiz Mortgages Martin Reynolds said the move was a positive sign for the DA market.
“We have long championed the need for parity in discussions with lenders between DA and AR [appointed representative] fee structures as we believe that the quality provided to lenders and the regulatory obligations are the same.”
Reynolds was pleased that Leeds had recognised that the two types of intermediaries should be rewarded equally.
“Leeds have made a number of positive enhancements to their proposition during the last 12 months and they are quickly becoming a champion of the intermediary market,” he added.
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The society has made several changes to its criteria in the new build and self-employed areas of the market. After a seven-month pilot, Leeds launched a range of mortgages for contractors in October last year.
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