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Tesco Bank extends intermediary distribution

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  • 16/05/2016
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Tesco Bank extends intermediary distribution
Tesco Bank has widened its mortgage broker distribution to include First Mortgage Direct, Alexander Hall, Savills Private Finance and Springtide Capital.

Last month, Tesco rolled out its mortgage products to intermediaries for the first time, offering access to London and Country brokers with plans to extend this to remaining members of Legal and General’s Nouveau and Key Partners panel in the coming months.

David McCreadie, managing director, Tesco Bank said: “We want to help as many customers as possible buy their home. The vast majority of Tesco customers now select their mortgage with the help of a broker, and I am delighted that following last month’s successful launch of our intermediary service, we are now extending our distribution to make Tesco mortgages available to even more customers.”

Tesco’s intermediary proposition includes searchable lending criteria, webchat, status tracking from any device and the ability to scan and upload documents.

The lender has confirmed it will pay a 0.43% procuration fee to advisers, while being ‘warm to the idea’ of paying fees for retention business.

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