This came into effect from 1 October.
Up until this month, if a further advance loan was for less than £15,000 brokers did not receive a proc fee. This has now changed so that for all cases up to £14,999 they’ll receive a proc fee of £100.
Above this point, they get a full proc fee.
Phil Rickards head of sales at BM Solutions, said: “It’s important that we carry on doing what we can to put brokers at the heart of our business. Now brokers will receive a proc fee for every single BM Solutions further advance that they do – even if it’s for a smaller loan. Sometimes it’s the smaller things like this that can actually make a difference.”