Coventry Building Society has increased the procuration fees it pays to both directly authorised brokers and appointed representatives.
As of 1 January, the lender increased proc fees to directly authorised brokers by nine basis points.
Directly authorised mortgage clubs will now get 0.43 per cent gross, up from 0.34 per cent.
The mutual is also now paying a higher fee to appointed representatives although, due to the individual network deals, it has it would not specify by how much these have increased.
A spokeswoman for Coventry Building Society says: “The new fees apply to all applications submitted from 1 January that subsequently progress to completion. Proc fees for networks have also increased to ensure we remain competitive in both distribution channels. As a dedicated intermediary lender, we regularly review our proposition to ensure we remain competitive in the market.”
Legal & General Mortgage Club managing director Ben Thompson says: “This should allow intermediaries to further invest in their own businesses, the benefits of which lenders should reap in the form of more efficient, clean and financially robust mortgage distribution.
“This is not a small move by Coventry Intermediaries and is one that must be congratulated and perhaps quietly celebrated.”