We’ve increased procuration fees for residential rate switches

We've increased our procuration fees for our broker partners from 0.25% to 0.30%. Our latest enhancement applies to mortgage product transfers across all of our products in recognition of the brokers we work with, and their continued commitment to consistently securing the right customer outcomes.

It follows a series of adjustments made to our later life and specialist mortgage range over the past few months with the aim of helping our customers in the moments that matter.

Emma Graham, business development director at Hodge, said: “The product transfer market continues to be a hugely important one and as an intermediated lender, we really value the work our brokers put into ensuring their existing customers find the best possible solution upon maturity.

“In the wake of the Consumer Duty we continue to see an increase in the broker share of the product transfer market which has increased from around 20% to 40%. We also appreciate that the full advice process is followed, and hope increasing our procuration fee goes some way to showing our brokers just how much we value their support and recognise their commitment to consistently ensuring the right outcomes for their customers.”

Emma said: “We’re doing all we can to help our intermediary partners navigate these tricky economic times and increasing our procuration fees is the next step in what, for us, is very much a continuous process of improvement when it comes to supporting our intermediary partners, and their customers in the moments that matter.”

If you any further questions, find a BDM and give them a call. The team are always happy to support.