Specialist lender, Hodge, has announced a rise in its procuration fees for its broker partners from 0.25% to 0.30%.
This enhancement applies to mortgage product transfers across all of Hodge’s products in recognition of the brokers it works with, and their continued commitment to consistently securing the right customer outcomes.
Emma Graham, business development director for mortgages at Hodge, said: “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.”
The move follows a series of ongoing adjustments made by Hodge in recent months to its range of later life and other specialist mortgage products, to offer high net worth individuals and customers with complex incomes even greater financial flexibility in the current climate.
Graham added: “We’re doing all we can to help our intermediary partners navigate these tricky economic times and increasing our procuration fees is the next step in what, for us, is very much a continuous process of improvement when it comes to supporting our intermediary partners, and their customers in the moments that matter.”