BMS to ditch proc fees on mainstream products

BM Solutions is to stop paying procuration fees on mainstream and ex-patriot products from the beginning of February, writes Harriet Williams.

BMS says it has decided to focus on specialist business and sees a time when it will eventually phase prime products out.

Martin Reynolds, key account manager at BM Solutions, told Mortgage Strategy: “We specialise in sub-prime, self-cert and buy-to-let so we are effectively moving out of the prime market. The numbers of prime applications are minimal and those products are available elsewhere in the HBOS group.”

Mike Waite, director of Royston-based Mortgage Quest, says: “It&#39s fair enough if they don&#39t want that type of business, but it is worrying when lenders exclude proc fees from certain products.”