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TODAY'S OTHER NEWS

Leeds BS hikes broker proc fees

Leeds Building Society has increased procuration fees for directly authorised (DA) intermediaries.

It will increase the fee by 0.03% to up to a maximum of 0.4%.

The society says the fee change, which came into force yesterday, will bring it in line with similar fees in the market.

Head of intermediary distribution Louisa Sedgwick said: “We continue to work closely with our intermediary partners to develop the service and products we offer through them.

“This change to procuration fees is in recognition of the level of work that brokers now need to do in order to place a case with a lender, which has increased since Mortgage Market Review (MMR).”

Martin Reynolds, chief executive of SimplyBiz Mortgages, said: “This is great news for the DA market.

“We have long championed the need for parity in discussions with lenders between DA and AR fee structures as we believe that the quality provided to lenders and the regulatory obligations are the same.

“We are delighted that Leeds have recognised this and made this important change.

“Leeds have made a number of positive enhancements to their proposition during the last 12 months and they are quickly becoming a champion of the intermediary market.”

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