Barclays unveils 0.30% proc fee for further advances

Ryan Bembridge

September 25, 2017

Barclays has started paying a 0.30% proc fee on residential and buy-to-let where mortgage holders increase their borrowing.

All applications from Friday 22 will include the fee, which is the first time Barclays has paid brokers for further advances.

Craig Calder, director of mortgages at Barclays, said: “We recognise the efforts involved by our broker partners, in advising and completing on cases for this important segment of the market, and in deepening the relationships of our existing Barclays customers.

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“The introduction of the proc fee on further advance cases ensures we are in line with the market and that we appreciate the work involved by brokers.”

Jane Benjamin, head of relationship management at Sesame Bankhall Group, said: “It’s very common for homeowners to seek further borrowing on their existing property, at which point the adviser needs to carry out significant level of work to ensure the client obtains the right deal for them.

“Barclays confirmation that they will introduce a proc fee is great news as it recognises and duly compensates for the work advisers do when servicing the further borrowing needs of their clients.”

 

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