Family BS raises proc fees to 0.55%

The Family Building Society has increased the procuration fees paid to introducing brokers for its Family, Offset and Low Start mortgage products.

Related topics:  Mortgages
Rozi Jones
11th May 2015
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The gross fee paid for the Family Mortgage rises to 0.55% from 0.45%, whilst the gross fee paid for the Offset Mortgage rises to 0.50% from 0.40% and the Low Start Mortgage rises to 0.45% from 0.35%.  

In all cases the product fee remains at £545.

Cameron Amaira, Head of Intermediary Sales at Family Building Society said:

“The increase in procuration fees reflects the significant amount of work that intermediaries need to devote to applications involving multiple family members or borrowers with changing circumstances. As a result our new fees are amongst the highest in the market, particularly for high LTV mortgages where the Family Mortgage also leads on value for first time buyers.

“Family Building Society continues to support the intermediary channel, which provides 80% to 90% of all introductions.”

Keith Barber, Director of Business Development at Family Building Society added:

“Feedback from both customers and brokers has remained very positive since we launched the new Society and its innovative range of mortgage products last July. We listen to the views of intermediaries and have increased our fees as a result. We are very pleased to be able to offer these market leading terms.”  

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