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Halifax mulls weekly proc fee payments


Halifax is looking at moving from paying broker procuration fees monthly to paying weekly.

A Halifax spokeswoman says the firm is “reviewing our approach to accelerate payments where possible and will be contacting firms over the coming weeks.”

Should it happen it will be welcomed by brokers, especially those outside networks that can struggle with cashflow issues from infrequent proc fee payments.

Halifax brought in retention proc fees in 2006, and was the first major lender to do so.

The fees were put back into the spotlight last month by the FCA, which is currently looking at the fairness of proc fees as part of a wider market study on mortgage advice remuneration.

The FCA wants to know if commercial arrangements between lenders, brokers and other players lead to conflicts of interest that harm consumers.


Landbay to pay retention proc fees of 0.3%

Buy-to-let lender Landbay has announced that it will pay retention proc fees of 0.3 per cent to intermediaries. The specialist lender has confirmed that mortgage brokers will receive the gross proc fee for all customer renewals once they have reached the end of their fixed discounted period ‘as a result of Landbay’s ongoing recognition of […]

John Heron

Paragon to pay proc fees on switch products

Paragon Mortgages has revealed plans to pay retention procuration fees to brokers on all of its switch products. The buy-to-let specialist will pay a fee of 0.25 per cent ‘in recognition of the work intermediaries do to deliver good outcomes for existing buy-to-let customers’. The procuration fee is payable only where the broker is acting […]


Brokers back Ami over harm from proc fee ban

Brokers have backed procuration fees as being better for consumers than charging for advice as the issue was thrust back into the spotlight last week by the Association of Mortgage Intermediaries. The Financial Conduct Authority is currently looking at the fairness of proc fees as part of a wider market study on mortgage advice remuneration. […]

Buy-to-Let Watch: Protect and serve

Advisers should help their clients plan for the future properly by discussing the benefits of life insurance I am going to try and do the impossible: I am going to ignore politics (for the purposes of this article, at least). Yes, we are just weeks away from the general election and, yes, housing does seem […]


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