Bath Building Society has increased its procuration fee for all new residential and buy-to-let (BTL) business to 0.4% and 0.3% for product transfers.
Product transfer proc fees have been under fire in recent months as they have become a larger part of broker’s business due to affordability challenges, making remortgaging more challenging and leading to the purchase market declining.
Product transfer proc fees are usually around half of a purchase proc fee, creating an income gap. Many brokers are calling for realignment, as product transfers are taking more time, require more work and still need advice.
This has been heeded by several lenders so far this year, with The Cambridge, Penrith Building Society, Darlington Building Society and Bank of Ireland increasing their fees, while Mansfield Building Society introduced this to its range.
Ben Hutchings, head of intermediary mortgage sales at Bath Building Society, said: “We wanted to show our commitment to our broker partners when placing new business with us, but also to recognise the work that goes into finding the best new mortgage when existing products mature.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
