Mortgages  

Leeds increases procuration fees on buy-to-let

Leeds Building Society is increasing procuration fees on buy-to-let and holiday let mortgages through intermediaries from today (15 September).

The society will increase the fee from up to 0.37 per cent to up to 0.5 per cent.

Martin Richardson, general manager for business development at Leeds Building Society, said they have been working closely with intermediary partners on developing the service.

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“We have the funding and the capacity within our plans to continue to increase our lending on buy-to-let mortgages and are pleased to be able to make this change to our fee structure.

“Intermediaries are a key element of our growth strategy. We have been investing heavily in enlarging our team of corporate account and regional development managers and our underwriting capacity as lending through brokers has risen.”

Back in April, the Association of Mortgage Intermediaries revealed it expected a “general upwards shift” in procuration fees as a direct result of the Mortgage Market Review.

Robert Sinclair, chief executive of Ami, said: “I believe more lenders will raise their procuration fees this year as they recognise the increased work being done by intermediaries to deliver the high quality of business they require.”