Newcastle for Intermediaries has increased its procuration fee to 0.30% on residential and buy to let product transfers.

In response to broker feedback, the change reflects the work involved during a product transfer and is effective from 3 December.

All product transfers brokers already have in progress with Newcastle for Intermediaries will automatically benefit from the increased procurement fee.

Commenting on the fee changes, Newcastle BS head if intermediary mortgages Franco Di Pietro said: “As we continue to grow and work towards meeting our lending ambitions for 2025, it’s important that we recognise the continued support of our intermediary partners, strengthen those relationships, and acknowledge the level of service they provide upon maturity to ensure great outcomes for customers.

“With this in mind, we have reviewed the proc fee we pay for product transfers and will be increasing this to 0.30% for all product transfers. “

Dynamo for Intermediaries director Cat Armstrong said: “Against the backdrop of a highly competitive market it’s great to see Newcastle for Intermediaries’ commitment to working closely with the broker community, listening to feedback and recognising the value that they bring by increasing their procurement fees.”