Procuration fees increased by Leeds Building Society
Leeds Building Society is increasing procuration fees for directly authorised intermediaries with effect from Monday 15th June.
The Society will increase the fee by 0.03% to up to a maximum of 0.4%, bringing it in line with similar fees in the market.
“We continue to work closely with our intermediary partners to develop the service and products we offer through them,” said Louisa Sedgwick, Leeds Building Society’s Head of Intermediary Distribution.
“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 MMR.”
Martin Reynolds, Chief Executive of SimplyBiz Mortgages, said: “This is great news for the directly authorised 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.”