Kent Reliance, part of specialist mortgage provider and retail savings group OneSavings Bank plc, has announced its decision to increase the procuration fees for product transfers from 0.25% to 0.30%.
Kent Reliance brokers will receive the 0.30% procuration fee within 30 days of the product switch becoming effective.
Adrian Moloney, sales director of OneSavings Bank, said: “We were the first specialist mortgage lender to pay a retention proc fee for product transfers. Two years into this journey, we are delighted to increase this fee in recognition of the additional work carried out by intermediaries on our behalf.”
Danny Belton, head of lender relationships at L&G Mortgage Club, added: “The need for advice when customers reach the end of current mortgage deal is an important as ever, especially in the more specialist lending sectors.
“OneSavings Bank recognises the value of the intermediary in this process, and the work they do to ensure the customer gets the right outcome, through this positive and welcome change.”