Cambridge Building Society has boosted its product switch procuration fees to 30 basis points from 20bps. 

The move comes as part of a wider review by the mutual of its product switch retention process, which now includes the introduction of an online intermediary product switch tool. 

Cambridge Building Society intermediary manager Kathy Bowes says: “The advice intermediaries give to their clients is just as important when the existing product matures as it was when they first arranged the mortgage.” 

“We understand the importance of following a thorough advice process to ensure customers get the best outcomes. 

“We’re increasing the procuration fee to show how much we value our intermediaries’ ongoing support and the hard work they put into reviewing clients and recommending suitable solutions.“  

Last week, Coventry for Intermediaries said it would start paying procuration fees on all further advances.  

It said it would make payments on all completed residential and buy-to-let loans.