View more on these topics

Coventry Building Society increases proc fees for brokers

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.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com