Family Building Society ups proc fees
On the society’s Family Mortgage – where family members contribute to the application in the form of a savings account or by using other properties as security – the fee has been upped from 0.45% to 0.55%.
In terms of other alterations the fee paid for the Offset Mortgage has risen to 0.50% from 0.40% while Low Start Mortgage proc fees have been raised to 0.45% from 0.35%.
Cameron Amaira, head of intermediary sales at Family Building Society, said: “The increase in procuration fees reflects the significant amount of work that intermediaries need to devote to applications involving multiple family members or borrowers with changing circumstances.
“As a result our new fees are amongst the highest in the market, particularly for high LTV mortgages where the Family Mortgage also leads on value for first-time buyers.
“Family Building Society continues to support the intermediary channel, which provides 80% to 90% of all introductions.”
Product fees are £545, while proc fees on all other society’s mortgage products remain unchanged.
Keith Barber, director of business development at Family Building Society, said: “Feedback from both customers and brokers has remained very positive since we launched the new Society and its innovative range of mortgage products last July.
“We listen to the views of intermediaries and have increased our fees as a result. We are very pleased to be able to offer these market leading terms.”