Paragon to pay proc fees on further advances

Home-House-Monopoly-Money-Property-700x450.jpg

Paragon is today bringing in broker procuration fees for buy-to-let mortgages that then go on to complete.

The lender will pay fees for further advances at the same rate as new business, normally 0.5 per cent of the funds advanced.

A further advance lets landlords release cash for property investment or development and is an alternative to a full remortgage.

Paragon managing director of mortgages John Heron says: “Introducing the procuration fee today recognises the critical role our intermediaries play in supporting customers through the decision-making process.”

Paragon also rolled out a new online portal and application process for product switches and further advances at the start of the year.

Recommended

Nationwide-building-2013-700x450.jpg

Nationwide to process proc fees weekly

Nationwide Building Society will process procuration fees weekly from 19 February. Proc fees will be processed every Monday for house purchases and remortgages. This means brokers will get paid between 14 and 20 calendar days after completion, rather than the current 15 and 46 days. Procuration fees for product transfers will be received on the […]

UK-Currency-Money-Coins-700.jpg

Newbury BS to pay retention proc fees

  Newbury Building Society is set to pay a 0.20 per cent retention fee to its broker panel. The fees will be introduced from the summer.  The fee will be paid for all cases where existing customers transfer onto a new product. Newbury BS sales manager Karen Smith says: “We have always valued the support […]

Parental leave and pensions

Fiona Hanrahan  – Senior Product Insight and Technical Support Analyst We are often asked how parental leave impacts workplace pension schemes in terms of funding in general, auto enrolment and salary exchange. This article will explain each of these. How does parental leave impact the funding of workplace pension schemes? A member of a defined […]

Newsletter

News and expert analysis straight to your inbox

Sign up