Barclays introduces proc fee for further advances

 Barclays Mortgages is introducing a procuration payment of 0.3 per cent on all new residential and buy-to-let further advance cases.

The lender says it recognises the efforts made by brokers on advising and completing these cases.

It says applications submitted from Friday 22nd September onwards will be eligible for the new payment.

Barclays director of mortgages Craig Calder says: “The introduction of the proc fee on further advance cases ensures we are in line with the market and that we appreciate the work involved by brokers.”

With a growing trend of ‘improve not move’ it is common for homeowners to seek further borrowing on their existing property. At that point advisers have to carry out significant work to get the best deal for clients.

Sesame Bankhall head of relationship management Jane Benjamin says: “Barclays’ confirmation it will introduce a proc fee is great news. It recognises and duly compensations for the work advisers do when servicing the further borrowing needs of their clients.”  

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