Skipton Intermediaries has increased its mortgage procuration fees.
Proc fees will rise to 0.40% payable on completion For all new residential mortgage applications received from 5 January 2015.
This applies to both DAs and ARs and brokers are being asked to contact their distributor to confirm how this impacts them.
Existing pipeline business is unaffected by this change.
Skipton increased its buy-to-let procuration fees by 15 basis points from 0.35% to 0.50% last year.
Paul Darwin, head of intermediary sales at Skipton, said: “We’re really pleased to announce an increase in mortgage proc fees for brokers on all new applications received from 2 January 2015.
“We are doing this as part of Skipton’s commitment to ‘real life’ lending, starting the new year as we mean to go on by listening to, and acting on, feedback from our brokers.
“We are also acknowledging the increased work being carried out by brokers post MMR.”
