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A&L cuts DA proc fee

Alliance & Leicester is reducing its proc fee to directly authorised brokers that do not use a mortgage club or key account to submit applications.

From March 31 A&L is cutting its proc fee from 0.25% to 0.20% if brokers fail to select a mortgage club when submitting applications.

The standard proc fee of 0.20% will be paid regardless of product term or product type for brokers who do not select a mortgage club.

The lender says the fee change will be fully disclosed both to brokers and clients on the Key Facts Illustration.

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