Newly-qualified but having worked in the industry on the admin side for several years, Emma says when Tesco launched into the intermediary market in 2016 she was more than willing to give the brand a try.
“Some brokers can get comfortable with what they’re used to,” she says. “However, I’m always willing to give any new lenders a chance.” It’s a choice that she says has paid off.
“For most mortgage brokers the rate will always be the primary factor when sourcing, however when you find that a few lenders are competing on rate there are three things that, for me, will prove to be the deciding factor – how efficient their underwriting service is, how easy their systems are to deal with and crucially how they interact with customers post completion. Having used Tesco Bank several times I would not hesitate in recommending the lender on all three points.
“The processing system is so straightforward that even when I’ve submitted complicated cases, they’ve been as easy as the most vanilla of applications. With other lenders I’d fully expect to hear from an underwriter when I’ve submitted a non-standard case, despite the fact I’ve included all of the necessary documentation. Very rarely has an underwriter at Tesco Bank contacted me to request more information and I have never had to raise any case to my BDM. In fact, any dealings I have had with Paul Woodward, my BDM, have been fantastic.
“I work with remortgage customers on a regular basis and find that Tesco’s Switch and Save deal which sees legal fees paid by the bank is a great option – with the five-year fixed rate proving very popular at the moment.
“Tesco Bank may be fairly new to the intermediary market but I’d recommend any broker give it a chance. A forward thinking lender with a desire to deliver what brokers want and a clear understanding of what matters to the intermediary sector – I can’t fault it.”
Emma Hodgson is a mortgage adviser at Opal Financials