Mortgage News
Newbury BS increases proc fee to 0.4 per cent
Newbury Building Society has boosted its procuration fee for brokers by 0.05 per cent to 0.4 per cent.
The change will apply from 7 March onwards on new business applications.
A spokesperson said the proc fee may be slightly enhanced if the application is submitted through certain mortgage clubs where individual arrangements were in place.
Karen Smith, sales manager at Newbury Building Society, said it wanted to recognise the continued support of brokers they worked with.
She said: “We are set to see an increase in mortgage opportunities this year and we acknowledge the importance the broker role plays and the considerable work that goes in to placing new business with us.
“We see this as a way of acknowledging this and thanking them for their ongoing support.”
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Newbury BS is the latest lender to increase the proc fee, with Paragon, Natwest and Vida all increasing their proc fees in recent months.