Paragon is introducing a procuration fee for intermediaries who submit further advance business for buy-to-let customers that subsequently completes.
The specialist bank and buy-to-let mortgage lender will pay procuration fees for further advance business at the same rate as intermediaries’ standard business terms for new mortgage applications, typically 0.5% of the value of the funds advanced.
A further advance lets landlords release cash for property investment or development and is an alternative to a full remortgage.
Paragon has also rolled out a new online online portal and application process for switch products and further advance business, launched at the beginning of the year, designed to help intermediaries identify where funds may be available and to what value, and support a fast and efficient application process.
John Heron, managing director of mortgages at Paragon, said: “The new online portal gives customers and intermediaries the tools they need to help them access switch and further advance facilities quickly and easily.
“Introducing the procuration fee today recognises the critical role our intermediaries play in supporting customers through the decision-making process.”