Quantum Mortgages increase proc fees by up to 0.30%

Specialist buy-to-let lender, Quantum Mortgages, has increased the procuration fee payable to their registered intermediaries by up to 0.30%.

Quantum says the change will see intermediaries receive an additional £630 per completed loan on average.

This brings the remuneration paid to directly authorised intermediaries to 0.70% of the loan amount, while networks and mortgage clubs will receive 0.75%. Quantum’s accredited packagers also benefit from the same increase.

Jason Neale, managing director at Quantum Mortgages, said: “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%. This means not only could they see a decline in revenue, the cost-of-living crisis also makes whatever income is generated worth less in real terms.

“We’ve always been keen to support our partners and introducers financially, as well as providing more options for their clients but as with any new start business in its first year, our own budgets were very tight.

"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.”