Leeds extends proc fee rises as bandwagon rolls on

Leeds extends proc fee rises as bandwagon rolls on

Leeds Building Society has joined the procuration fee increase bandwagon, upping its fees for those selling residential mortgages as part a review of its intermediary fee structure.

The society says it has simplified its structure by increasing fees for directly authorised intermediaries to up to 0.37 per cent and for appointed representatives to up to 0.4 per cent.

In September last year the society increased procuration fees on buy-to-let and holiday let mortgages through intermediaries from up to 0.37 per cent to up to 0.5 per cent.

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Since then, the likes of Skipton, Nottingham, Accord, and Monmouthshire have all upped their procuration fees for residential mortgages.

Martin Richardson, LBS’ general manager for business development, stated: “We reviewed our fees during 2014 to bring us in line with the market and have listened closely to feedback from our intermediary partners as we continue to develop the service and products we offer through them.

Last September, brokers backed the trend for procuration fees to increase, citing the fact that they are shouldering heavier workloads as market volumes pick up.