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The Mortgage Lender increases procuration fees

Posted Monday 3rd of October 2016
Announcements

The Mortgage Lender is increasing procuration fees by £300 for applications received from its distribution partners before the 31 December that subsequently complete.

The challenger mortgage lender, which launched in July, provides innovative and competitively priced products that cater for borrowers who do not fit prime High Street lending criteria.

These include standard status borrowers, those that are self-employed or contract workers, people who require lending into retirement, and those with an imperfect credit history.

The Mortgage Lender Sales and Marketing director Pete Thomson said:

“Having successfully launched in mid July and with a pipeline already exceeding £50m, we have been able to offer a market leading tracker rate of 1.98 per cent.

The last quarter of the year is where we had always planned to ramp up our sales activity. Our systems are tried and tested and we’ve already seen cases completing.”

The additional procuration fee of £300 is payable to distribution partners in addition to the agreed percentage fee. It is not available to introducers who place business directly with The Mortgage Lender.

Mortgages are available up to 85 per cent loan to value with a two-year tracker that starts at 1.98 per cent, or as a two or five-year fix with rates as low as 2.41 per cent. The products can be accessed through networks, mortgage clubs and specialist distributors.

By Gillian McAllister , of The Mortgage Lender

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