The lender will widen distribution in the coming months through a range of firms on Legal & General’s remaining Nouveau and Key Partners panel.
David Hollingworth of London and Country said: “Since entering the market, Tesco Bank has built a solid reputation based on competitive rates and its commitment to good service. We are confident that their broad range of sharply priced mortgages will appeal to customers and advisers alike. We are delighted to be working with Tesco on their first step into the intermediary market.”
Tesco’s broker service, Tesco Mortgage Intermediaries, includes searchable lending criteria, webchat, the ability to scan and upload documents and track the status of applications from any device. The service is aimed at providing ease and convenience to intermediary partners and will allow advisers to contact the lender by phone, online or using the webchat functionality.
Rates from the intermediary range start at 1.67% for a two-year fix at 60% loan-to-value (LTV) with a £1,300 product fee and £195 booking fee. The range is available up to 90% LTV and includes two, three and five-year fixed deals as well as a two-year tracker.
Products are available to first-time buyers, homemovers and remortgage customers, with those remortgaging given access to free standard legal fees and the first standard valuation.
Benny Higgins, CEO at Tesco Bank, said: “We aim to be the bank for people who shop at Tesco, and the launch of Tesco Mortgage Intermediaries will help us to serve more customers than ever before. The vast majority of Tesco customers select their mortgage through a broker and our platform has been specifically designed to help brokers provide a great service to customers remortgaging or purchasing their home.”