Coventry to pay proc fees on further advances – Mortgage Finance Gazette
Coventry for Intermediaries is to start paying procuration fees on all further advances.
The lender will make the payments on all completed residential and buy-to-let loans.
Fees will be paid at brokers’ usual new business rate.
The additional borrowing can be taken on any new business product, subject to loan to value restrictions.
Head of intermediary relationships Jonathan Stinton says: “If people want to borrow extra on their mortgage, chances are they’re going to turn to their broker for help.
“We have listened to feedback and want to remunerate brokers for the work and diligence in guiding their clients through this process.”
He adds: “If clients are looking to make their home more energy efficient they may be able to borrow at a lower rate with one of our green further advance products.
“And they can even use the home energy efficiency tool on our website to see how much they could save on their energy bills.”
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