"Brokers are working in a highly competitive market against a backdrop of changing regulation. This all takes more time to find those perfect-fit mortgages for their clients, and we understand."
- Chris Blewitt, head of intermediary distribution
Darlington Intermediaries has increased procurement fees to 0.3% on all product transfer and retention products.
Citing reasons for the increase, the Society said that the FCAs new Consumer Duty has raised expectations across the mortgage industry and that applying and meeting these expectations takes more time for brokers when dealing with clients’ applications.
Furthermore, in the current competitive mortgage market, brokers have noted the additional time required to be able to properly advise their clients in a challenging and volatile interest rate environment.
As well as increasing proc fees, Darlington Intermediaries has enhanced the overall broker experience, including investing in the Iress MSO platform, introducing pre-populated applications and offering a dedicated digital BDM.
Chris Blewitt, head of intermediary distribution, said: “Through ongoing conversations with our broker partners, we know that brokers’ time is tighter than ever at the minute. Brokers are working in a highly competitive market against a backdrop of changing regulation. This all takes more time to find those perfect-fit mortgages for their clients, and we understand.
"That’s why we have enhanced our procurement fees on all product transfers to 0.3%, recognising our valued broker partners’ time. It’s important to reflect on and appreciate the hard work that goes into finding people their dream homes, and the best mortgage for their circumstances and requirements. We’re here. We’ve heard, we’re helping.”
