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Leeds becomes the latest lender to increase proc fees

Leeds Building Society has followed in the footsteps of some of its rivals by increasing proc fees.

As of yesterday, brokers will receive an extra 3 basis points for residential cases. The amount paid to brokers is dependent on the amount of business submitted. The maximum a directly authorised firm will now recieve is 0.37 per cent, while the maximum for appointed representatives is now 0.4 per cent.

Leeds BS general manager for business development Martin Richardson says: “These latest changes make the banding and structure of our procuration fees simpler.

“We reviewed our fees during 2014 to bring us in line with the market and have listened closely to feedback from our intermediary partners as we continue to develop the service and products we offer through them.”

In September, Leeds increased its procuration fees for buy-to-let cases to 0.5 per cent, up 13 basis points from 0.37 per cent.

Several lenders have increased their residential procuration fee in the last three months, including NatWest Intermediary Solutions, Nottingham BS, Skipton BS, National Counties BS and Virgin Money.

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