In a note sent to brokers about fees, Halifax said: “Following the Financial Conduct Authority’s [FCA’s] implementation of Consumer Duty, we have continued to work through its requirements to ensure we are meeting our responsibilities as a lender.

“As part of those requirements, we must ensure customers receive fair value from the service received for any fees paid in our distribution chains, including mortgages.

“After analysis of customer fees within the mortgage chain, we have introduced a policy that outlines the maximum brokers can charge for providing our products. We believe they strike the correct balance under the fair value assessment.”

Halifax said that, from 1 June, it would set caps for the amount clients can be charged by brokers for mortgage applications.

It said that a cap of 1% or £1,500 – whichever is greater – would apply.

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As an example, for a loan of £100,000, there would be a maximum fee of £1,500, and for a loan of £200,000, a maximum fee of £2,000 would be in place.

A Halifax spokesperson said: “As part of our Consumer Duty commitments, we have analysed customer fees within the mortgage chain and have introduced a policy that outlines the maximum brokers can charge for providing our products. We believe they strike the correct balance under the fair value assessment.”

Last month, Halifax announced plans to offer £1,000 cashback to first-time buyers.