The lender said the enhanced fee recognised brokers role in supporting customers through the mortgage journey.
It said the announcement formed part of a wider programme of proposition developments to make Vida increasingly appealing for specialist cases.
Vida continues to offer an an additional £250 customer cashback across its mortgage range. This is available until 17 December.
Vicky Birkby, managing director of strategy and partnerships at Vida, said: “Brokers play a vital role throughout the mortgage journey, with specialist lending often requiring advisers to go further, from helping customers with more complex circumstances find the right solution, to supporting existing customers when their current deal comes to an end.”
“That’s why we’re increasing our product transfer procuration fee to 0.5%, alongside our market-leading 0.7% procuration fee on new business. Together, they recognise the expertise, time and value advisers bring to both new and existing Vida customers.”
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Both initiatives form part of Vida’s ‘Break the Habit’ campaign, whereby brokers are encouraged to review established lender preferences.
Vida said it recognised broker habits to resort to lender preferences, formed through their experience, familiarity and proven outcomes, were understandable. However, the lender urged that cases should be evaluated on their own merits by considering the evolution of lender propositions.
Birkby added: “As the specialist market continues to evolve, we’re encouraging brokers to break old habits and take another look at Vida. With continued investment in our criteria, products, Service Pledge, V-Hub support and additional £250 cashback offer, we believe there’s never been a better time to do so.”
