Barclays Mortgages has introduced a procuration payment of 0.30% on all new residential and buy-to-let further advance cases.
All applications submitted from Friday 22 September onwards will include the new fee.
Craig Calder, Barclays’ director of mortgages, said: “We recognise the efforts involved by our broker partners, in advising and completing on cases for this important segment of the market, and in deepening the relationships of our existing Barclays customers.
“The introduction of the proc fee on further advance cases ensures we are in line with the market and that we appreciate the work involved by brokers.”
Jane Benjamin, head of relationship management at Sesame Bankhall Group, added: “It’s very common for homeowners to seek further borrowing on their existing property, at which point the adviser needs to carry out significant level of work to ensure the client obtains the right deal for them.
“Barclays’ confirmation that they will introduce a proc fee is great news as it recognises and duly compensates for the work advisers do when servicing the further borrowing needs of their clients.”
