Paragon has increased procuration fees for brokers introducing product switches to the lender’s other buy-to-let mortgages.

The specialist lender is now offering a proc fee of 0.40%, previously 0.30%, for every product switch booked from today (1 March) onwards.

It also recently announced that it has extended the window in which borrowers with buy-to-let mortgages reaching maturity can switch products from three to six months.

Paragon director of mortgage sales Moray Hulme, says: “We know that 2022 will see a large number of mortgages reach maturity and at a time of considerable economic uncertainty, a significant number of landlords will seek to switch over to a new, competitively priced product at the earliest opportunity.

“This latest measure is part of our wider work, where we’ve adapted both products and processes, to support these landlords.

“We recognise that brokers play an important part in this too – the amount of work that goes into placing a product switch can be almost that of placing a new mortgage – so the increased procurement fee is to reflect the value of the intermediary in the process.”