Keystone Property Finance is bringing forward its planned procuration fee rise by one month.
Brokers completing classic range cases will now receive the additional 10 basis point increase from today.
The new date has been introduced in response to the work that brokers are already doing to prepare for the PRA’s new guidelines on underwriting buy-to-let mortgage applications from portfolio landlords.
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Steve Olejnik, chief operating officer of Keystone, said: “We thought it only right to compensate brokers for the additional time they now have to spend in preparing an application for submission.
“The increased proc fee will be applied to all classic range cases even if the client does not meet the portfolio status definition.”
In another change from today the payment of application fees will be required before a full mortgage application is submitted for underwriting.
Olejnik added: “The new system will reduce potential delays by ensuring that valuations can be instructed as soon as the case has been agreed.”