Leeds BS boosts buy-to-let proc fees

Leeds Building Society is paying brokers an increased procuration fee for all buy-to-let and holiday let mortgages from today.

The mutual will now pay brokers a 0.5 per cent fee, raised 13 basis points from 0.37 per cent. It says this is to “bring it in line with similar fees on the market”.

Most lenders pay a proc fee of between 0.4 per cent and 0.6 per cent for buy-to-let deals.

Leeds BS general manager for business development Martin Richardson says: “We have been working very closely with our intermediary partners on how to develop the service and products we offer through them to support our appetite for growth.

“We have the funding and the capacity within our plans to continue to increase our lending on buy-to-let mortgages and are pleased to be able to make this change to our fee structure.”

Last week National Counties Building Society announced it had changed its fee structure to pay a 0.35 per cent broker fee for all deals across buy-to-let and residential. Previously it had paid a fee dependent on the original product term.