We understand how frustrating it can be when you’re waiting to be paid. That’s why we’ve recently announced that we are now paying procuration fees at exchange of contracts, rather than the traditional wait until completion.

Paying at this earlier stage provides significant cash flow benefits as that income can now be received anywhere from a few days to several months earlier than usual. The procuration fees will be processed for payment once we receive written confirmation from the solicitor that contract have been exchanged.

Jason Neale, Sales Director, at Magellan Homeloans explains, “We understand the amount of time, energy and money that mortgage intermediaries invest in a mortgage application long before it arrives on our desk. The investment continues until the mortgage completes which can often be months down the line.

“This is particularly significant on new-build homes where exchange to completion can be weeks, if not months. The fact that we also accept builder gifted deposits on these properties helps to make these transactions more attractive.”

For more information visit our website.