The introduction of procuration fees for brokers on its full range of switch products has been announced by Paragon Mortgages.
A fee of 0.25% will be paid by Paragon in recognition of the work intermediaries do to ensure good outcomes for existing buy-to-let customers, but the procuration fee is only available when the broker is acting on behalf of the customer in the product switching process.
“Our intermediary partners are fundamental to ensuring the right products are delivered to the right customers,” said John Heron, Managing Director of Paragon Mortgages. “We have made significant improvements in our range of switch products which we believe compare very well with options available elsewhere in the market.”
He added: "Where a broker recommends a Paragon switch product and is proactively engaged in the process, we believe that it is appropriate that the intermediary is rewarded.”