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Lambeth increases commission

Lambeth Building Society has changed its lending criteria and increased the commission paid to IFAs.

For every completed mortgage, IFAs can now earn the greater of £200 or 0.2 per cent.

Higher rates are available for IFAs who introduce bulk amounts of mortgage business to the Lambeth.

Lambeth says it recognises the loss of income to IFAs resulting from the dramatic fall in sales of endowment policies.

It has changed its lending criteria by scrapping compulsory insurance tie- ins to all its mortgage products and allowing borrowers to pay back an extra 10 per cent of their mortgage in any 12-month period without incurring a penalty.

General manager (marketing) Jonathan Sandford says: “The Lambeth is very committed to IFAs as a channel to sell and inform our customers of our products.

“This increase in commission demonstrates how important IFAs are to us.

“The Lambeth&#39s new lending criteria are designed to widen our audience even further and provide IFAs with the opportunity to extend their client base by offering real enhancements to homebuyers.”


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