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Long overdue end to enhanced proc fees no threat to brokers

Letters to the editor

In response to the decision by Barclays, The Mortgage Works and Lloyds Banking Group to end their enhanced proc fees on offsets and stop fees on further advances, it is worth pointing out that some of these reductions were long overdue – especially where arrangements were built on executive familiarity or the lending volumes of 2006.

There is still a good living to be made for good brokers, in other words those brave and compliant enough to provide full mortgage protection and charge a fee. Better times are only 12 months away.

Kevin Duffy
Managing director
Mortgageforce

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