In part one of an exclusive interview to mark the first anniversary of its entry into the broker market, Tesco Bank products director Julian Hartley told Mortgage Solutions: “What we’re concentrating on is making sure we’ve got a very good retention programme and thinking about what we might do with regards to a proc fee.”
Research by the lender revealed that around 70% of its more than 16 million clubcard holders used a broker when obtaining a mortgage, and as a result it was keen to continue its expansion into the broker market.
The lender has also considered entering the buy-to-let market but will wait to see how the raft of regulatory changes bedded-in first before making its move.
“We have looked at buy to let, but with all the changes going on in Income Tax, Capital Gains and Stamp Duty, we’ve put that on a let’s watch this and see how it goes,” Hartley added.
You can watch the first part of the exclusive video interview with Julian Hartley below where he also discusses how the lender has grown during its first year within the broker market and its current distribution strategy.
The second part of the interview will be published tomorrow.