The Society said it has simplified its procuration fee structure and increased fees for directly authorised intermediaries to up to 0.37%, and for appointed representatives to up to 0.40%.
“These latest changes make the banding and structure of our procuration fees simpler,” said Martin Richardson, Leeds Building Society’s general manager – business development (pictured).
“We reviewed our fees during 2014 to bring us in line with the market and have listened closely to feedback from our intermediary partners as we continue to develop the service and products we offer through them.
“We hope to build on the growth in mortgage lending that we enjoyed last year and support more brokers in meeting their clients’ needs to make their property-owning aspirations a reality in 2015.”
The Society also increased proc. fees on buy to let and holiday let mortgages through intermediaries from up to 0.37% to up to 0.5% in September 2014.
Yesterday, Skipton BS and Virgin Money also increased their proc. fees payable to intermediaries.
Jeremy Duncombe, director, Legal & General Mortgage Club, welcomed the higher fees payable by lenders.
“Overall this sends a great signal to brokers who should now be looking to invest in the future of their businesses by recruiting, increasing capacity, improving systems and focusing on remortgage opportunities. The onus and responsibility is also now on advisers to respond positively to these changes by continuing to improve the quality of business submissions and applications. It is a two way street, and cases that are packaged correctly on day one are vital for all parties.
“Several lenders have increased fees recently, and the hope is that a clear return on this investment will encourage other lenders to follow suit and increase their fees too.”
