17 May, 2018
Tesco Bank launch new product transfer portal
Tesco Bank has today announced the launch of its new product transfer portal, which will enable brokers to quickly and seamlessly transfer current Tesco Bank mortgage customers onto a new mortgage when their current product matures.
The new system has been developed in collaboration with intermediaries to ensure it’s simple and easy to use. Tesco Bank has recently reached their 2nd anniversary of operating in the intermediary market, which means existing customers are only recently able to switch to another deal or re-mortgage via their mortgage intermediary.
The system will enable brokers to simply transfer existing Tesco Bank mortgage customers to a new product through a new section of the existing broker portal, which will allow the broker to access customer details simply and quickly to make the product transfer.
Key features of our product transfer portal are as follows;
- Simple application process designed using intermediary feedback
- Able to search and retrieve your customers’ relevant account details
- Pay for a new valuation if the latest valuation we have is not representative
- Download the offer straight away
- Accept the offer on the customers’ behalf up to 3 months in advance
- Procuration fee of 0.30% paid
As long as customer consent is received by the broker, they can accept the offer on behalf of the customer within the portal, removing the requirement for the customer to sign the mortgage offer and post it back, making the process simpler and quicker for all.
Commenting on the launch, Julian Hartley, Director of Savings, Loans and Mortgages said: “We’ve worked extremely hard to create a system that is simple and effective for brokers to use. With our competitive range of products and no new application or legal fees, we hope customers make the choice to stay with us after their first product ends. We are looking to create a system which rewards brokers for their time and hard work in servicing our clients quickly and efficiently, along with paying them a retention proc fee of 0.3% which we committed to earlier this year.”
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.
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 a broad range of services 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 participates in the Chartered Banker Professional Standards Board.
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. www.tescobank.com
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For journalist enquiries only, contact the Tesco Bank Press Office on:
+44 (0)131 274 3630
+44 (0)7595 441 036