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Society raises broker fees

Leeds & Holbeck Building Society is revamping its mortgage range by increasing its procuration fees and improving its lending criteria.

Procuration fees were previously a flat £125 but brokers now receive £300 on loans between £100,000 to £149,999 and £500 up to £500,000.

The lender says its improved lending criteria has been designed to increase mortgage sales and streamline the sales process. The changes mean 80 per cent loan to valuation applicants only need to provide their last payslip and one bank statement showing their salary.

Leeds & Holbeck is launching a three-year fixed-rate mortgage at 5.25 per cent for up to 80 per cent LTV.

Its previous loan offering a discount of 2.6 per cent for one year, giving a payable rate of 4.94 per cent, is being reopened to remortgage business up to 80 per cent LTV.

It is also offering a buy-to-let loan fixed at 6.64 per cent for five years for up to 80 per cent LTV, with no extended lock-ins and no conditional insurance.

Press and PR manager Kate MacGregor says: “We value the important relationship with intermediaries and raising the procuration fees is one way of helping them promote our new product range.”

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