The old timber construction would have sent many lenders running for the hills but Tesco, says the mortgage adviser from Bournemouth, was willing to take the valuer’s comments on board and offer the loan.
“Many lenders who have been in the market for some time have quite an antiquated approach,” he says. “Their systems are time consuming to use and they ask unnecessary questions. Tesco is one of a number of lenders taking a fresh approach – most likely because it is so new to the intermediary market. It has come out with a clean slate and a fresh proposition.”
Central to that proposition is its investment in technology – something that much of the market has yet to fully get to grips with. And with good technology comes greater efficiency.
“Essentially I would say its application systems are simple and clean”, says Russell. “They work with desktop PCs as well as mobile devices and tablets – they are actually designed to do so and as a result they’re really slick. Perhaps most important though is the fact the questions they ask are concise. Many lender application systems suffer from years of bloat and are full of redundant questions that just make the process longer and are not really necessary. Tesco cuts right into this, meaning you are never going to spend more than 30 minutes on a decision in principle and application.”
In a world where increased regulation is already making the work of a broker more cumbersome and time consuming, simplicity is something everyone wants and Russell says this is where Tesco Bank excels.
“It has avoided the pitfall of over complicating contact, by offering web chat, telephone support and of course BDM support,” he says. “It doesn’t force you down any arbitrary route for criteria questions.
It is a broker-friendly lender with a straightforward approach and that’s worth an awful lot.”
Adam Russell is a mortgage adviser at Elite Financial an Openwork AR