Beverley Building Society has increased the procuration fees it pays for new mortgage business.

Brokers will now be paid 0.40%, up from 0.35%.

For actively retained business, the payment will continue to be 0.35%.

Beverley head of lending Graham Carter says: “This is another signal of how much we value mortgage brokers and the business they put our way.

“We recognises the vital role they play in supporting mortgage customers and lenders alike in today’s challenging marketplace.

“We have made this change to ensure we remain among the most competitive lenders when it comes to looking after our introducers.”