Monmouthshire Building Society will increase the procuration fees for some types of its mortgages from this month, Colin Strong, head of lending procurement, has said.
The increased fees will apply to buy-to-let, holiday let and buy-for-uni mortgages, which are submitted to the Newport-based society through intermediaries.
It will see fees go up from 0.35 per cent to 0.45 per cent.
Mr Strong said: “Intermediaries are a vital element of our growth strategy, and Monmouthshire Building Society is pleased to be able to make this change to our fee structure.”
Meanwhile Santander has been accused of cutting out advisers by introducing a do-it-yourself system for prospective borrowers. It will mean brokers will not be paid procuration fees for retaining business.
Adviser view
Paul Glover, a director at Guildford-based Heritage Independent Mortgage Advisers, said: “I have never used Monmouthshire Building Society and I wouldn’t have thought that if it increases its procuration fees, this would make any difference to that.
“I think procuration fees are generally at about the right level.”
