Barclays has introduced a procuration payment of 0.3 per cent on all new residential and buy-to-let further advance cases.
The high street lender said the fee would be included on all applications submitted from Friday (22 September).
Craig Calder, Barclays director of mortgages, said: “We recognise the efforts involved by our broker partners in advising and completing on cases for this important segment of the market, and in deepening the relationships of our existing Barclays customers.
“The introduction of the proc fee on further advance cases ensures we are in line with the market and that we appreciate the work involved by brokers.”
Mike Pendergast, IFA at Cheshire-based Zen Financial Services, said he was not aware of many other high-street lenders offering proc fees on further advances.
He commented: “That is a good step forward – it gives us other options. Some lenders would not even let us do further advances on existing cases – they would say go direct.
"A lot of lenders were like that.”
Mr Pendergast added that lenders appeared to be offering procuration fees on a wider range of products.
simon.allin@ft.com
