Accord Mortgages has announced a increase in procuration fees across its residential mortgage range.
The intermediary-only lender, which is part of the Yorkshire Building Society Group, will apply the increases to all completed new residential mortgage applications which are made on or after Thursday, January 1, 2015, with both Directly Authorised Firms and Appointed Representatives benefitting from the raise.
Procuration fees for Directly Authorised Firms will go up to 0.37% (gross), while those for Appointed Representatives will rise to 0.4% (gross).
Procuration fees for completed Accord Buy to Let mortgages will remain unchanged at 0.50% (gross).
Jill Evans, managing director at Accord Mortgages, said: “We continually strive for excellence by looking at ways to provide brokers and customers with even more competitive products and a better service. After a review of the market, we are increasing the fees that we pay to both Appointed Representative and Directly Authorised Firms, ensuring that our procuration fees payable across both our residential and buy-to-let ranges remain competitive.
“This change, combined with the investments we continue to make in our intermediary business to enhance our service and product range, such as the recent introduction of our live web chat service, demonstrates our clear commitment to the broker market. I am sure our Key Lending Partners and brokers will welcome this announcement.”