Quantum Mortgages increases proc fees

By: ameer@trustedteam.com

Quantum Mortgages has increased the procuration (proc) fee payable to registered intermediaries by up to 0.3%, which could see them receive an additional £630 per completed loan on average.

This brings the remuneration paid to authorised intermediaries to 0.7% of the loan amount, while for networks and mortgage clubs it’s 0.75%. Accredited packagers of the specialist buy-to-let lender are also benefiting from the same increase.

Quantum Mortgages director Jason Neale says: “Our intermediary partners are facing a double threat to their incomes this year, in the shape of continued high inflation and the expectation that buy-to-let business could reduce by as much as 20%.

“I’m pleased to report that we exceeded all targets in our first year and were considerably below our operating budget which gives us the opportunity to review our fee structure and generate more income for our valued intermediary partners.”

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