Nottingham Building Society has lifted broker procuration fees to 30 basis points on all residential retention products, cut rates and launched new residential deals.
Highlights of the mutual’s changes include:
- Cutting residential two-year fixed-rate offers by up to 23bps
- Introducing 75% and 85% loan-to-value deals, with no fees
- Refreshing end dates to 31/12 on all two-year fixed-rate products
The lender’s previous broker procuration fees on residential retention products had been 25bps.
Nottingham Building Society sales director Alison Pallett says: “In the last six months, we have been making significant enhancements to our new business criteria, and there are more to come.
“In the meantime, we have taken the decision to enhance the procuration fee we pay on our standard residential product transfers, with immediate effect.
“We understand and appreciate the value of advice to new and existing customers and all of the work this involves — we hope this increase sends out a strong message and demonstrates our continued support to our intermediary partners who work tirelessly to do the right thing.
“The changes are also further evidence of our strategy of making home buying more accessible for those borrowers who have historically struggled to secure mainstream mortgages.”
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