Fee increase

Members of the group will now receive 0.32 per cent of the advance, to a maximum £1,400, for loans of £150,001 or more, while the rate for loans below £150,000 is 0.30 per cent of the advance.

Tony Jones, head of business development at UCB Homeloans, said: "We are delighted that Mortgage Promotions has looked at our fee structure in a radical new way. We are keen to receive larger loans and I am pleased that Mortgage Promotions members will be given an additional incentive for introducing them to us."

Nick Baxter, director of Mortgage Promotions, said: "The fact that more than 590 member firms have joined Mortgage Promotions since half way through last year means that many firms are already benefiting from our schemes. Hopefully, the new UCB Homeloans fee will mean that more firms are tempted to join us. At the same time as improving the UCB Homeloans fee we will harmonise fees for the Nationwide Building Society."