Darlington Intermediaries has lifted its broker procurement fees on product transfers and retention products to 30 basis points.
Darlington Building Society’s broker-only unit says the rise, from 20bps, comes as new Consumer Duty rules “have raised expectations across the mortgage industry for borrowers, lenders and brokers”.
It points out: “Applying and meeting these expectations understandably takes more time for brokers when dealing with clients’ applications.
“Furthermore, in the current competitive mortgage market, brokers have noted the additional time required to be able to properly advise their clients in a challenging and volatile interest rate environment.”
Darlington Building Society head of intermediary distribution Chris Blewitt adds: “Through ongoing conversations with our broker partners, we know that brokers’ time is tighter than ever at the minute.
“Brokers are working in a highly competitive market against a backdrop of changing regulation. This all takes more time to find those perfect-fit mortgages for their clients, and we understand.
“That’s why we have enhanced our procurement fees on all product transfers to 0.3%, recognising our valued broker partners’ time. It’s important to reflect on and appreciate the hard work that goes into finding people their dream homes, and the best mortgage for their circumstances and requirements.”
