Mortgage News
Skipton BS adds additional borrowing option with broker proc fee
Skipton Building Society is to introduce additional borrowing for its customers from the end of January.
The mutual will be offering a proc fee to brokers when they guide their clients through the process.
The gross fee will be the same as the current product transfer rates – 0.3% on residential and 0.35% on buy-to-let.
The fee will also be paid for standalone additional borrowing.
Skipton said it would be completed by a new automated process on its eMortgages system.
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Skipton director of intermediary relationships Paul Darwin (pictured) said it was something the lender had been considering for some time and came from broker feedback.
“It’s also something we feel is reflective of the current mortgage market – as more and more borrowers are taking longer term fixed rate products and staying in their homes for longer,” he said.
“With higher moving costs, including stamp duty, we’re seeing borrowers extending and improving their homes to suit their changing needs and circumstances.
“We’re adjusting our processes to meet this emerging trend to help deepen and lengthen relationships with both our borrowers and broker community.”