Keystone Property Finance has expedited its planned procuration fee rise by one month.
Brokers completing Classic Range cases will now receive the additional 10 basis point increase from today, 1 September 2017.
The lender says the new date has been introduced in recognition of the increased workload that brokers are already undertaking in the lead up to the PRA’s new guidelines on underwriting buy to let mortgage applications from portfolio landlords.
Steve Olejnik, COO of Keystone, said: “For some time now, we’ve been asking brokers for more detailed information on landlords’ portfolios than previously, so we thought it only right to compensate them for the additional time they now have to spend in preparing an application for submission.
“The increased proc fee will be applied to all Classic Range cases even if the client does not meet the portfolio status definition.”
Keystone is also making improvements to its case submission procedure. From today, payment of application fees, (which include the valuation fee), will be required before a full mortgage application is submitted for underwriting.
Olejnik said: “The new system will reduce potential delays by ensuring that valuations can be instructed as soon as the case has been agreed.”
Keystone will make further announcements on the new PRA requirements for portfolio landlords before 1 October when the guidelines come into effect.
