Nottingham Building Society has increased its procuration fees and launched a series of new residential products.
The Nottingham’s procuration fee now stands at 0.30% on all residential retention products.
In addition, it has introduced new residential products including 75% and 85% loan-to-value (LTV) products with no fees, and reduced rates on its 2-year residential range by up to 0.23%.
The society has also refreshed its end dates to the 31st of December on all of its 2-year fixed products.
Alison Pallett (pictured), sales director at Nottingham Building Society, said: “In the last six months, we have been making significant enhancements to our new business criteria, and there are more to come!
“In the meantime, we have taken the decision to enhance the procuration fee we pay on our standard residential product transfers, with immediate effect.”
She continued: “We understand and appreciate the value of advice to new and existing customers and all of the work this involves; we hope this increase sends out a strong message and demonstrates our continued support to our intermediary partners who work tirelessly to do the right thing.
“The changes are also further evidence of our strategy of making home buying more accessible for those borrowers who have historically struggled to secure mainstream mortgages.”
Andrew Montlake, MD of Coreco mortgage brokers, added: “This is great news from a lender that clearly understands the broker market and appreciates the hard work they do.
“The advice process brokers follow, especially in the wake of everchanging rates and Consumer Duty, is no different whether arranging a PT or a re-mortgage.
“Brokers and lenders need to work together now more than ever for the benefit of our clients, and sometimes it is steps like this that acknowledge important role brokers play in ensuring clients get proper advice that can make all the difference.”
