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HBOS denies further cuts on way for proc fees

HBOS says it is not planning any further cuts to procuration fees after the reductions coming into effect from June.

A spokesman for the lender insists that it has no more cuts planned for the immediate future.

He says: “The only ones we have got planned are the changes that will come into effect on June 1.

“Account conversations are still ongoing but we do not know what the conclusions of those are yet.”

He would not reveal how much proc fees are being reduced by, saying it varies depending on individual accounts.

In a survey carried out by Alliance & Leicester of 105 brokers, 58 per cent say they do not expect proc fees to be cut further this year.

A&L director of mortgages Raj Uppal says: “We value the business introduced by our key partners and this is reflected in the fees that we pay. Like all lenders in the current climate, we constantly review our proposition to ensure that it meets the needs of our business and of the wider market we are involved in.”

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