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.”