Vida increases product transfer procuration fees

Vida has strengthened its intermediary proposition by increasing its product transfer procuration fee to 0.50%, alongside its 0.70% procuration fee on new business.

Vida says the enhanced product transfer fee "recognises the important role brokers play in supporting customers throughout the mortgage journey", while its 0.70% new business fee reflects "the additional expertise, time and dedication brokers invest in supporting customers with more complex borrowing needs".

The announcement forms part of a broader programme of proposition enhancements designed to make Vida an increasingly attractive option for specialist cases.

The lender is continuing to offer an additional £250 customer cashback across its mortgage range until 17th December.

Both initiatives are being supported by Vida's new "Break the Habit" campaign, which encourages brokers to review established lender preferences and take a fresh look at Vida as its products, criteria and service continue to evolve.

Through the campaign, Vida is encouraging brokers to continually challenge convention, explore alternative options and ensure familiarity does not prevent them identifying the optimal outcome for their customers.

Vicky Birkby, managing director of strategy and partnerships at Vida, said: "Brokers play a vital role throughout the mortgage journey, with specialist lending often requiring advisers to go further, from helping customers with more complex circumstances find the right solution, to supporting existing customers when their current deal comes to an end.

"That’s why we’re increasing our product transfer procuration fee to 0.50%, alongside our market-leading 0.7% procuration fee on new business. Together they recognise the expertise, time and value advisers bring to both new and existing Vida customers.

"As the specialist market continues to evolve, we're encouraging brokers to break old habits and take another look at Vida. With continued investment in our criteria, products, Service Pledge, V-Hub support and additional £250 cashback offer, we believe there's never been a better time to do so."