Fleet Mortgages increases proc fees

I welcome this news, as it reflects a positive acknowledgment of the growing complexity in securing a mortgage. With increasing regulation, such as the Consumer Duty, and an ever-evolving range of products, advisers are working harder than ever to deliver the best outcomes. Fleet’s decision to increase its procuration fee is a step in the right direction, recognising the additional workload advisers face. That said, our primary focus will always be on delivering the best advice for each client, regardless of the fee structure. More lenders should follow Fleet’s example—not just by reviewing fees, but by addressing challenges such as short notice on rate withdrawals. Pulling rates with as little as a few hours’ notice creates unnecessary pressure in an already complex process. In this demanding environment, lenders and advisers must collaborate and adapt for clients’ benefit. Recognising the work we do, as Fleet has done, is an important step.

This is a welcome and positive move that more lenders should adopt. As brokers, we’re shouldering an increasing workload while seeing our income squeezed. Lenders are closing branches to cut costs, relying more on brokers to serve customers—yet we’re often treated as an afterthought.

Some lenders pull products at short notice, forcing brokers to work around the clock to secure deals for clients, while bank staff clock off without the same pressures. The reality is that the vast majority of mortgages now go through brokers, yet the relationship between lenders and intermediaries remains heavily one-sided.

It’s time for lenders to recognise the value we bring and treat brokers with the fairness and respect we deserve. The industry needs a more balanced and sustainable partnership—brokers aren’t just a convenience; we’re a necessity.

This is great news coming from Fleet. A lender that is recognising the additional work required from the broker community. Lender proc fees have been at a stagnant level for years while the intermediary input has increased significantly through changes via legislation and innovation. More need to follow as although house prices have increased, the costs of being a broker have also been hiked.