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The Mortgage Lender ups proc fees by £300

Money

The Mortgage Lender is increasing procuration fees by £300 for applications received from its distribution partners before the 31 December that subsequently complete.

The challenger lender launched in July and offers mortgage products for borrowers who do not fit prime high street lending criteria, including the self-employed, contract workers, those lending into retirement and borrowers with an imperfect credit history.

The Mortgage Lender sales and marketing director Pete Thomson says: “The last quarter of the year is where we had always planned to ramp up our sales activity. Our systems are tried and tested and we’ve already seen cases completing.”

The additional procuration fee of £300 is payable to distribution partners in addition to the agreed percentage fee. It is not available to introducers who place business directly with The Mortgage Lender.

Mortgages are available up to 85 per cent LTV with a two-year tracker that starts at 1.98 per cent, or as a two or five-year fix with rates from 2.41 per cent. The products can be accessed through networks, mortgage clubs and specialist distributors.

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