West Brom increases proc fees

West Brom has increased its residential proc fees by 5 basis points to 0.4 per cent.

The increased commission rate applies to all new business submitted from today.

National account manager Richard Scott says: “We have reviewed procuration fees in order to maintain a competitive position in the market and to reflect the key role brokers play in supporting the growth and success of the West Brom’s lending plans.

“Since resuming lending activity in the intermediary market in 2012 we have enjoyed fantastic support from our distribution partners and increased our business volumes year on year.  We look forward to continuing to build on this success.”

Several lenders, including Accord Mortgages, Leeds Building Society, NatWest Intermediary Solutions, Skipton Building Society and Virgin Money, have raised their proc fees in the past six months.