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20 March, 2018

Tesco Bank announces it will pay retention procuration fees

Tesco Bank is set to pay brokers retention procuration fees of 0.3%. The move comes as Tesco Bank’s first set of intermediary mortgage customers are due to reach the end of their fixed term contracts in June 2018, as the Bank has been offering mortgages via intermediary market for close to two years.

Tesco Bank has engaged extensively with its intermediary partners to arrive at the fee and will launch a new section of its intermediary portal to help make the product transfer process as easy as possible. New system features include the ability to search for the customer’s account, generate the offer instantly to download, and the intermediary can also accept and schedule when the transfer should take effect from on the customers’ behalf.    

Julian Hartley, Director of Mortgages, Savings and Loans said:

We are delighted to announce our new retention procuration fees today, as we believe they recognise the effort of the broker within the mortgage application process. We know that product transfers are an important issue for the intermediary market, and it is our intention to deliver a best-in-class broker experience that is quick and simple.

                                                       ENDS

 

About Tesco Bank Mortgage Intermediary Service:

Tesco Bank Mortgage Intermediary Service is designed to provide brokers with one of the easiest and most convenient services available. The service includes a number of features to help brokers make transactions as straightforward as possible, including searchable lending criteria, and the ability to scan and upload documents and track the status of applications from any device.  Tesco Bank also offers a dedicated new build service to help ensure that New Build applications can be processed quickly and easily to meet the accelerated application timescales.

 

For media enquires or further information please contact:

Tesco Bank press office:

+44 (0)131 264 3152 / +44 (0)7841 456 956

 

Notes to Editors:

Tesco Bank Intermediaries can be accessed at https://intermediaries.tescobank.com/

The following firms make up the Tesco Bank mortgage intermediary panel:

London and Country Mortgages Ltd, Alexander Hall Associates Limited, First Mortgage Direct Ltd, SPF Private Clients Limited, John Charcol Limited, Mortgage Advice Bureau Limited, Stonebridge Mortgage Solutions Ltd, Springtide Capital Limited, HL Partnership Limited, Openwork Limited, The Finance Planning Group Limited, First Complete Ltd, Advance Mortgage Funding Ltd, Andrews Estate Agents Limited, Charles Cameron and Associates Limited, Mortgage Intelligence Network Limited, Mortgage Next Network Limited, Life and Easy Limited, Knight Frank Finance LLP, Kingsgate Law Limited, Personal Touch Financial Services (PTFS), Tenet and Sesame.

 

About us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers every day with everything from insuring their pets, to buying their first home.  Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. 

 

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. 173199. Registered Address: EHQ, 2 South Gyle Crescent, Edinburgh, EH12 9FQ

 

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Media team

For journalist enquiries only, contact the Tesco Bank Press Office on:

+44 (0)131 274 3630
+44 (0)7595 441 036

 

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