Kent Reliance, part of specialist mortgage provider and retail savings group OneSavings Bank plc, has announced its decision to increase the procuration fees for product transfers from 0.25% to 0.30%.
Adrian Moloney, Sales Director, OneSavings Bank, comments, “We were the first specialist mortgage lender to pay a retention proc fee for product transfers. Two years into this journey, we are delighted to increase this fee in recognition of the additional work carried out by intermediaries on our behalf.”
Commenting on the changes, Danny Belton, Head of Lender Relationships, L&G Mortgage Club said, “The need for advice when customers reach the end of current mortgage deal is an important as ever, especially in the more specialist lending sectors. OneSavings Bank recognises the value of the Intermediary in this process, and the work they do to ensure the customer gets the right outcome, through this positive and welcome change.”
Kent Reliance brokers will receive the 0.30% procuration fee within 30 days of the product switch becoming effective.