Warning on Mortgage Procuration Fees Increase
Published / Last Updated on 12/11/2019
Mortgage and Equity Release Procuration fees (mortgage commissions in all but another word) are on the increase.
This is because the mortgage market has slowed down as the property market has done, this means lenders are increasing their ‘incentives’ to place mortgage business with them.
This can be as high as 2.0% to 2.5% of the value of the loan.
Check that your mortgage broker searches both non-procuration fee mortgage deals (usually direct only deals) as well as broker deals that pay a procuration fee.
