Penrith Building Society will raise product transfer proc fees and extend the waiving of its application fees for new residential and landlord applications.
The mutual will raise these proc fees to 30 basis points gross, and 28bps net, in recognition of “the additional work that is involved for a broker to comply with Consumer Duty in respect to product transfers” from 2 April.
The lender adds that as the mortgage market “continues to be a challenging one,” it has extended its waiving of application fees for new residential or buy-to-let applications (including ex-pat) until 30 June.
Penrith Building Society head of products Tim Vigeon says: “Here at Penrith Building Society, we put the broker and customer at the forefront of our thinking.
“These changes recognise the work that is involved for brokers, as well as the need to help customers and shows our commitment to support them.”
