27 July 2017
The Holmesdale Building Society has announced that with immediate effect all society product transfers will attract a gross 20bps proc fee, subject to a £2,500 maximum procuration fee.
Stewart Hunter, Business Development Manager at Holmesdale stated “the society is aware of recent market trends and agrees with the wider broker community that advice carried out on behalf of a client who accepts advice to remain with the society, should receive credit for the time taken to go through the advisory and submission process”.
Hunter went on to say: “Product transfers account for almost a third of gross mortgage volumes in the UK prime mortgage market as such deserve to be better supported by lenders. Any borrower who has been a loyal customer of the society will find that product transfer rates are competitive and often start from only 1.59% - a lower rate than that currently enjoyed by many existing borrowers”.