The lender will also wait until next year to decide on the full details of its retention strategy including what level of retention proc fee it will offer.

Products director Julian Hartley (pictured) made the criteria announcement in the second part of an exclusive interview with Mortgage Solutions to mark the first anniversary of its entry into the broker market.

Hartley agreed the lender was pretty mainstream in its approach, but said it would consider reaching outside this remit.

“We will look at perhaps where we are outliers and where things are within our risk appetite, so for example we are planning to reduce the information we require from self-employed [borrowers] down from three years to two years,” he said.

“But I think it’s fair to say we’re not going to get into an arms race on trying to lend on criteria,” he added.

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Smooth journey

Hartley also explained how Tesco Bank had built its systems seeking to take the best bits from the market and using broker feedback to create a smooth journey.

“We spent time with some brokers in a room tracking eye movement and movement of a cursor on screen to see how an application flowed through and a user’s journey through the system to make it as slick as possible,” he said.

You can watch the second part of the interview below. The first part of the exclusive video interview with Julian Hartley discusses how the lender is focusing its strategy on the broker market.