Halifax and BM Solutions amend proc fee strategy
From 1 August, Halifax Intermediaries will pay full proc fee on all product transfers and also align Product Transfer (PT) procuration fees to acquisition rates, removing the existing PT cap of £2,500.
In addition, for BM Solutions the minimum proc fee of £200 and the cap of £5,000 on both acquisition and retention proc fees are being removed, with BM Solutions continuing to pay full proc fee on all retention BTL business.
Peter Curran, Lloyds Banking Group director of Strategic Partnerships, said: “We are making these changes to simplify our intermediary proc fee strategy.
“It will also align both the Halifax Intermediaries and BM Solutions brands making it easier from our intermediary clients.
“This change aligns intermediary reward with customer mortgage needs and compliments our commitment to be the best bank for customers.”