MortgagesDec 18 2014

Accord increases proc fees

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Accord Mortgages will increase procuration fees across its residential mortgage range in the New Year.

The intermediary-only lender, which is part of the Yorkshire Building Society Group, will apply the increases to all completed new residential mortgage applications which are made on or after 1 January 2015, with both directly authorised firms and appointed representatives benefitting from the raise.

Procuration fees for directly authorised will go up to 0.37 per cent (gross), while those for appointed representatives will rise to 0.4 per cent (gross). Procuration fees for completed Accord buy-to-let mortgages will remain unchanged at 0.50 per cent (gross).

At the end of September, brokers united in a call for procuration fees to increase across the industry, after a few lenders pushed up their introduction fees.

Since then Natwest increased the procuration fees it pays intermediary firms for completed residential mortgages, followed by Monmouthshire Building Society upping the procuration fees for some types of its mortgages in November.

Jill Evans, managing director at Accord Mortgages, said: “After a review of the market, we are increasing the fees that we pay to both appointed representative and directly authorised firms, ensuring that our procuration fees payable across both our residential and buy-to-let ranges remain competitive.

“This change, combined with the investments we continue to make in our intermediary business to enhance our service and product range, such as the recent introduction of our live web chat service, demonstrates our clear commitment to the broker market.”

peter.walker@ft.com