Coventry introduces proc fees for further advances

Coventry for intermediaries will now pay new business procuration fees on all completed further advances.

Payments will be made on both residential and buy-to-let applications at brokers’ usual new business rate through their nominated payment route.

The additional borrowing can be taken on any new business product, subject to loan-to-value restrictions.

The Society also has green further advance options, which offers borrowers a lower rate if they are borrowing more for energy efficiency improvements.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “If people want to borrow extra on their mortgage, chances are they’re going to turn to their broker for help. We have listened to feedback and want to remunerate brokers for the work and diligence in guiding their clients through this process.

“If clients are looking to make their home more energy efficient they may be able to borrow at a lower rate with one of our green further advance products. And they can even use the Home Energy Efficiency Tool on our website to see how much they could save on their energy bills.”