The Cambridge Building Society has increased the procuration fee it pays for product switches from 0.20% to 0.30%.
It comes as part of a wider review of its product switch retention process which now includes the introduction of an online intermediary product switch tool.
Kathy Bowes (pictured), intermediary manager said: “The advice intermediaries give to their clients is just as important when the existing product matures as it was when they first arranged the mortgage.
“We understand the importance of following a thorough advice process to ensure customers get the best outcomes.
“We’re increasing the procuration fee to show how much we value our intermediaries’ ongoing support and the hard work they put into reviewing clients and recommending suitable solutions.”
Clare Beardmore, director of distribution and mortgage lub, Legal & General Mortgage Services added: “We welcome this step from The Cambridge as it rightly acknowledges the outstanding dedication and expertise of advisers, especially in what continues to be a challenging economic environment.”
“Advisers play a crucial role in guiding borrowers during what is likely to be their most significant financial commitment and it is just as important to get guidance in switching products as when you first sign the dotted line, so it is positive to see this acknowledged today.”
