Ecology Building Society has announced that it will pay introducer fees on all introduced new residential mortgage business with immediate effect.
The fees are 0.35 per cent of the loan value (minimum £300 – maximum £1,000) and are payable upon completion.
The fees are payable on all new residential owner occupier Standard Variable Rate mortgages and Shared Ownership mortgages.
Ecology has not previously offered introducer fees, but it claims that, fuelled by a growing awareness of environmental and energy efficiency issues, more and more brokers have been enquiring about ‘green’ mortgages and it wanted to encourage this interest.
Ecology chief executive Paul Ellis says: “We have always appreciated the hard work done by mortgage introducers – especially as our lending is not always straightforward and sometimes requires a greater level of involvement. We have always been happy to receive introduced business and are now rewarding brokers by offering these fees.”