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Paragon introduces 0.5% further advance proc fee

  • 26/03/2018
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Paragon introduces 0.5% further advance proc fee
Paragon is introducing a procuration fee for intermediaries who submit further advance business for buy-to-let customers that subsequently complete.

The lender will pay further advance procuration fees at the same rate as intermediaries’ standard business terms for new mortgage applications, typically 0.5% of the value of the funds advanced.

Paragon said the move was the latest designed to improve its mortgage proposition over the full life of the loan.

Last month it added an online service for direct customer and intermediary product transfers.

That services includes a further advance facility where customers or brokers can apply directly to the lender for additional lending.

Managing director of mortgages John Heron (pictured) said: “The new online portal gives customers and intermediaries the tools they need to help them access switch and further advance facilities quickly and easily.

“Introducing the procuration fee today recognises the critical role our intermediaries play in supporting customers through the decision-making process.”

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