Paragon has introduced a new procuration fee for intermediaries who submit further advance business for buy-to-let customers that subsequently completes.
The specialist bank 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 allows a landlord with an existing Paragon mortgage to release capital to fund further property-related investment and development.
It can also provide them with a competitive and more convenient alternative to a full remortgage of the property.
The introduction of the new procuration fee follows the launch of a new online portal and application process for switch products and further advanced business at the beginning of the year, designed to help intermediaries identify where funds may be available and to what value.
John Heron, managing director of mortgages at Paragon (pictured above), 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.”
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