The proc fee has risen from 0.25 per cent to 0.3 per cent effective from today.
This change comes after the lender invested in updating its intermediary online platform. The platform now has a ‘Working With Us’ hub to provide advisers with the resources they need for the application process and an intermediary live chat function to help with pre-application queries.
The Bank of Ireland has introduced new product transfer rates and now allows advisers and borrowers to confirm rates up to six months before their deal ends. This can be done through the lender’s online product transfer service.
Alan Longhorn, head of sales, distribution and marketing at Bank of Ireland UK, said: “We recognise the hard work and important role that intermediaries undertake in supporting customers through product transfers and further advances, especially now, and see the increased procuration fee as a way of acknowledging their efforts.
“We are also pleased to be investing in our online servicing capabilities as part of our journey to serve our customers brilliantly and ensure they can access the right support for any queries as simply and easily as possible, and look forward to sharing further improvements in the months ahead.”
Coventry reduces resi and BTL fixes
Coventry Building Society has reduced all fixed rates, with residential pricing cut by as much as 0.57 per cent and buy-to-let up to 0.39 per cent.
This includes a two-year fix at 75 per cent loan to value (LTV) with a £999 fee and a 4.61 per cent rate. This is available for remortgage with the option of £350 cashback or the use of the mutual’s remortgage transfer service.
There is also a five-year fix purchase product at 90 per cent LTV with a £999 fee and rate of 4.84 per cent.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “It’s been a positive start to the year with rate reductions across the board.
“It shows there are definite signs of recovery in the market, so new and existing borrowers can hopefully feel some renewed confidence for the year ahead.”
