Kent Reliance is upping its procuration fees for product transfers by 5 basis points.
Part of specialist mortgage provider and retail savings group OneSavings Bank, the lender is increasing proc fees for product transfers from 0.25 per cent to 0.30 per cent.
One Savings Bank sales director Adrian Moloney (pictured) says: “We were the first specialist mortgage lender to pay a retention proc fee for product transfers. Two years into this journey, we are delighted to increase this fee in recognition of the additional work carried out by intermediaries on our behalf.”
L&G Mortgage Club head of lender relationships Danny Belton says: “The need for advice when customers reach the end of [their] current mortgage deal is as important as ever, especially in the more specialist lending sectors. OneSavings Bank recognises the value of the Intermediary in this process, and the work they do to ensure the customer gets the right outcome, through this positive and welcome change.”
Kent Reliance says it will offer brokers the 0.30 per cent proc fee within 30 days of the product switch becoming effective.