user.first_name
Menu

News

Bath BS boosts proc fee for new business and product transfers

Anna Sagar
Written By:
Posted:
August 7, 2024
Updated:
August 7, 2024

Bath Building Society has increased its procuration fee for all new residential and buy-to-let (BTL) business to 0.4% and 0.3% for product transfers.

Product transfer proc fees have been under fire in recent months as they have become a larger part of broker’s business due to affordability challenges, making remortgaging more challenging and leading to the purchase market declining.

Product transfer proc fees are usually around half of a purchase proc fee, creating an income gap. Many brokers are calling for realignment, as product transfers are taking more time, require more work and still need advice.

This has been heeded by several lenders so far this year, with The Cambridge, Penrith Building Society, Darlington Building Society and Bank of Ireland increasing their fees, while Mansfield Building Society introduced this to its range.

Ben Hutchings, head of intermediary mortgage sales at Bath Building Society, said: “We wanted to show our commitment to our broker partners when placing new business with us, but also to recognise the work that goes into finding the best new mortgage when existing products mature.”