Specialist lender Harpenden Building Society is increasing its procuration fees for mortgage product transfers to 0.30%.

The mutual, which is owned by its savers and borrowers, said the increase was made after consultation with its partners.

Harpenden Building Society distributes its specialist products solely via intermediaries.

Harpenden commercial director Mike Cutler said: “This increase is in recognition of the effort that intermediaries are required to carry out and that the advice process is the same whether it be a product transfer or a new mortgage.  With rates changing so quickly it is important that customers get the right advice and solution for their own individual circumstances.”

Danny Belton, head of lending at MAB, added: “Advice remains critically important, and the work intermediaries do should not be underestimated. However, this year, because of continued falling rates, intermediaries are having to spend more time on each case by regularly reviewing the product selection, so that the customer ends up on a best deal for them. It is great to see Harpenden recognise the true value that intermediaries provide by increasing the proc fee rate.”