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Skipton introduces additional borrowing and proc fees

Skipton Intermediaries is introducing additional borrowing through an automated process on its eMortgages system and bringing in proc fees for all introduced business from the end of January.

The additional borrowing offering will be available through an online process, in a move the building society says has not been provided by many other lenders.

The gross fee will be consistent with current product transfer rates of 0.3 per cent on residential and 0.35 per cent on buy-to-let and will also be paid for standalone additional borrowing.

Skipton director of intermediary relationships Paul Darwin says: “This is something we’ve been considering for some time, and something our broker partners have fed back that they’d like to see. But it’s also something we feel is reflective of the current mortgage market – as more and more borrowers are taking longer term fixed rate products and staying in their homes for longer.

“With higher moving costs, including stamp duty, we’re seeing borrowers extending and improving their homes to suit their changing needs and circumstances. We’re adjusting our processes to meet this emerging trend to help deepen and lengthen relationships with both our borrowers & broker community.”

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