Family Building Society will lift its procuration fees for mortgage product transfers to up to 50 basis points from tomorrow (5 October).
The mutual will raise these procuration fees to 40bps for owner-occupier mortgages and 50bps for buy-to-let loans.
The move means these fees for home loan product transfers will match those it pays for owner-occupier and BTL new business purchases and remortgages.
Family Building Society head of intermediary sales Darren Deacon says: “We appreciate the hard work that intermediaries do in this ever-changing interest rate environment.
“In the wake of Consumer Duty, the advice process that intermediaries follow for arranging a product transfer is very similar to arranging a new mortgage.
“They still need to complete a full review of the client’s needs to ensure that the product transfer is the right solution.
“With the work on product transfers becoming more complex, this procuration fee increase recognises this additional work and demonstrates our continued support to intermediaries, in what continues to be a difficult market for many.”
Savills Private Finance group chief executive Mark Harris adds: “The product transfer market is fractured and brokers are not being rewarded appropriately. I hope this is a signal to other mortgage lenders.”
Last week, Nottingham Building Society raised its broker procuration fees to 30 basis points on all residential retention products, cut rates and launched new residential deals.
