Leeds BS hikes proc fees
The society followed other lenders such as Skipton, Virgin and Family Building Society in raising its broker fees for the New Year.
Jeremy Duncombe , Legal & General Mortgage Club director, said: “Overall this sends a great signal to brokers who should now be looking to invest in the future of their businesses by recruiting, increasing capacity, improving systems and focusing on re-mortgage opportunities.
“The onus and responsibility is also now on advisers to respond positively to these changes by continuing to improve the quality of business submissions and applications.
“It is a two way street, and cases that are packaged correctly on day one are vital for all parties.
“Several lenders have increased fees recently, and the hope is that a clear return on this investment will encourage other lenders to follow suit and increase their fees too.”
Leeds is also raising its proc fees on buy-to-let and holiday let mortgages from 0.37% to up to 0.5%.
Martin Richardson, Leeds Building Society’s general manager – business development, said: “These latest changes make the banding and structure of our procuration fees simpler.
“We reviewed our fees during 2014 to bring us in line with the market and have listened closely to feedback from our intermediary partners as we continue to develop the service and products we offer through them.
“We hope to build on the growth in mortgage lending that we enjoyed last year and support more brokers in meeting their clients’ needs to make their property-owning aspirations a reality in 2015.”