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BDS Mortgage Group guarantees proc fees

BDS Mortgage Group has guaranteed proc fee payments to all its directly authorised brokers, appointed representatives and satellite packagers.

It says it can guarantee the payments thanks to financial backing from Skipton.

Phil Jay, managing director at BDS, says: “We all know the industry is still dealing with the effects of the credit crunch and unfortunately it appears this will take longer than initially expected.

“It is natural for brokers seeing daily emails regarding the withdrawal of products, changes in criteria and reduced proc fees to be worried about getting paid in full for work completed. But this positive confirmation certainly stands out and gives real assurances to the industry.”

Barry Meeks, group chief executive officer of BDS, says: “At the end of the day we are all in this industry to make a living and to serve our customers.

“I hope this message gives our intermediaries peace of mind to know that their hard earned cash with BDS will continue to flow, allowing them to concentrate on keeping customers happy and securing their next sale.”


Retaining clients is not a done deal

The evolution of the mortgage market, the rise of comparison websites and demand for more products are adding to the pressures brokers face when trying to keep clients, says Sally Laker

MPLC limits self-cert deals

Mortgages PLC is withdrawing its self-cert facility for employed applicants and increasing its initial mortgage and reversion rates by 0.25%. The changes will take effect from tomorrow.

Elephant has loan extended

Elephant Loans and Mortgage has had its loan terms extended by Trafalgar Capital Specialised Investment Fund. The firm and principal lender to the company says it will defer capital payments until December 31 2008 at which point repayments will commence at a rate of £15,000 per month.Some 16 such payments will fall due at the […]


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