Family BS increases PT proc fees

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Family Building Society is increasing its procuration fees for mortgage product transfers.

Product transfer procuration fees will increase to 0.40% for owner-occupier mortgages and 0.50% for buy-to-let mortgages.

Procuration fees for mortgage product transfers will now match the fees paid for owner-occupier and buy-to-let new business purchases and remortgages.

Darren Deacon, head of intermediary sales at Family Building Society, said: “We appreciate the hard work that intermediaries do in this ever changing interest rate environment. In the wake of Consumer Duty, the advice process that intermediaries follow for arranging a product transfer is very similar to arranging a new mortgage. They still need to complete a full review of the client’s needs to ensure that the product transfer is the right solution.

“With the work on product transfers becoming more complex, this procuration fee increase recognises this additional work and demonstrates our continued support to intermediaries, in what continues to be a difficult market for many.”

Mark Harris, group chief executive at Savills Private Finance, added: “Family Building Society should be applauded for making this change. The product transfer market is fractured and brokers are not being rewarded appropriately. I hope this is a signal to other mortgage lenders.”

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