Clydesdale Bank is the latest lender to increase the procuration fees it pays to brokers who introduce new business.
The new fees will be 0.40 per cent gross to networks and 0.38 per cent to directly authorised brokers, both from 2 February.
Earlier this month the Family Building Society increased proc fees but just applicable to its new range of fixed rate offers.
Leeds Building Society also recently joined the swath of lenders who have increased procuration fees, by upping its fees for those selling residential mortgages.
In recent months Skipton, Natwest, Nottingham, Accord and Monmouthshire in increasing broker payments across various types of mortgages.
John Tooth, head of intermediary distribution at Clydesdale Bank, said that the bank has shown a “strong commitment” to the intermediary market through the ongoing development of products and services specifically designed for them.
“In turn, they have provided us with a successful distribution channel that has helped us grow our mortgage lending. It is a valuable relationship, and their support is appreciated.”
He added that the lender regularly reviews its proposition and decided that now was the right time to up fees for both directly authorised brokers and networks.
peter.walker@ft.com
