"These changes recognise the work that is involved for brokers as well as the need to help customers and shows our commitment in supporting them."
- Tim Vigeon, head of products at Penrith Building Society
From 2nd April, Penrith Building Society is increasing its product transfer procuration fees to 0.30% gross/0.28% net.
This builds on changes last month which saw proc fees increased to 0.45% gross and 0.43% net for new residential and buy-to-let applications and to 0.25% gross and 0.23% net for product transfers.
In a statement, the Society noted that product transfers will "continue to dominate the market activity for brokers this year", adding that it "recognises the additional work that is involved for a broker to comply with Consumer Duty in respect to product transfers".
In addition, Penrith has waived its application fee for any new residential or buy-to-let applications (including expat) until 30th June.
Tim Vigeon, head of products at Penrith Building Society, said: "Here at Penrith BS, we put the broker and customer at the forefront of our thinking. These changes recognise the work that is involved for brokers as well as the need to help customers and shows our commitment in supporting them."
