Proc fee caps on all lending products have been eliminated by specialised lender Saffron Building Society.
Brokers will now more clearly understand how they will be compensated for all residential and buy-to-let goods with immediate effect.
The previous fee caps for residential and buy-to-let properties were £10,000 and £20,000, respectively.
The modification came about after the lender raised the maximum loan amounts last month, allowing a change of £3 million up to 80% LTV and £1 million up to 90% LTV for residential and BTL products.
In order to ensure brokers that we are a long-term partner for their larger loan situations, Tony Hall, head of business development, stated: “We’ve committed that this will be a longstanding offering for our residential, BTL, and self-build products.
“We’ve been thrilled with the favourable reaction from our broker partners regarding this significant advancement for the Saffron range ever since we launched our higher loan sizes. We’re always searching for ways to improve our offering, so in order to streamline our process and better support brokers that work with higher loan volumes, we’re removing proc fee caps from our full range.
Saffron has relaunched its first-time buyer two-year fixes and reduced rates.