Mortgage News
Family Building Society increases broker proc fees
Family Building Society is to raise its procuration fee to 0.40%, with the minimum fee now £180, for both owner occupier purchase and remortgages.
The higher fee will take effect on new business completed from May 1, with the lender continuing to pay 0.35% until then.
The Family Mortgage proc fee remains unchanged at 0.55%, while the Offset Mortgage and buy-to-let products continue to pay 0.5%.
Brokers play a pivotal role in advising Family BS clients, who are often non-standard self-employed, older, retired borrowers or in other complex circumstances, according to Keith Barber, director of business development at the lender (pictured).
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He said: “Brokers have been instrumental in our continuing growth and it is important that they continue to share in our success.
“We are committed to building strong relationships with our introducing brokers, having substantially increased our team of business development managers in the last three years.
“The increase in our proc fee recognises the additional work that is often required by the broker in successfully submitting these cases,” he added.