View more on these topics

National Counties raises procuration fees for brokers

National Counties Building Society will pay a 0.35 per cent procuration fee on all new mortgage transactions from 8 September.

Currently, the lender pays a fee based on the length of the original product term, subject to a cap of 0.35 per cent. For example, a two-year product paid a 0.2 per cent fee, while a three-year products paid 0.3 per cent. 

Under the new fee structure, NCBS and subsidiary Family Building Society – launched seven weeks ago – will pay 0.35 per cent on all new deals.

It will also pay 0.15 per cent proc fees for owner-occupied and buy-to-let mortgages ported from other lenders.

NCBS and FBS associate director for business development Keith Barber says: “The intermediary market continues to be extremely important for National Counties.

“We hope this move demonstrates our commitment to the broker market and, together with our evolving and innovative products, offers an excellent opportunity for brokers to serve those clients whose needs aren’t being met by traditional lenders.”

Recommended

Older-Couple-Elderly-Pension-Pensioner-700.jpg

Bower set to double face-to-face adviser team

Equity release adviser Bower Retirement Services is planning to double its face-to-face adviser team over the next 12 months. The firm currently has 24 advisers and says it aims to double this headcount, having seen 50 per cent growth in business and 25 per cent growth in enquiries over the last 12 months. Bower is […]

Foxtons

Shares in Foxtons plummet after CEO warns of a cooling market

Shares in estate agency Foxtons have plummeted after the company’s chief executive warned that the housing market has started to “cool”. In its half-year results, published last week, the group posted a 57 per cent increase in pre-tax profits from £14.7m to £23.1m as revenues rose by 16.2 per cent from £62.6m to £72.8m. But […]

Business-Handshake-Finance-Deal-700.jpg

Shawbrook recruits tenth lending officer

Shawbrook has added a new lending officer to its commercial mortgages team. Joanna Hatch, the company’s tenth lending officer, joins Shawbrook having spent more than seven years at the Royal Bank of Scotland. She has worked in debt recovery and telephony positions, but spent the last three years working as an RBS commercial portfolio manager. Hatch says: […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Grey Haired Underwriter 8th September 2014 at 1:48 pm

    Interesting and whilst I have no doubt that all brokers are committed to best advice it does ‘smack’ of an attempt to buy business