Hodge has lifted its product transfer procuration fees for brokers to 30 basis points from 25bps.
The specialist bank’s business development director for mortgages Emma Graham says: “The product transfer market continues to be a hugely important one and as an intermediated lender, we really value the work our brokers put into ensuring their existing customers find the best possible solution upon maturity.
“In the wake of the Consumer Duty, we continue to see an increase in the broker share of the product transfer market which has increased from around 20% to 40%.
“We also appreciate that the full advice process is followed, and hope increasing our procuration fee goes some way to showing our brokers just how much we value their support and recognise their commitment to consistently ensuring the right outcomes for their customers.”
Last month, the lender made several moves to boost its professional mortgage criteria, including removing the need to meet capital repayment affordability when assessing interest-only applications and cutting the minimum income required for professional home loans to £30,000 from £35,000.
