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Tesco Bank to pay mortgage advisers retention procuration fee

  • 20/03/2018
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Tesco Bank to pay mortgage advisers retention procuration fee
Tesco Bank has revealed broker retention procuration fees of 0.3%, ahead of the lender’s first intermediary mortgage customers coming to the end of their deals.


The bank’s first set of mortgage borrowers through advisers are due to reach the end of fixed-term contracts in June.

The lender said it had “engaged extensively” with intermediary partners to arrive at the 0.3% fee and will launch a new section of its intermediary portal aimed at making the product transfer process as easy as possible.

New system features are to include the ability to search for the customer’s account and generate the offer instantly to download.

Advisers can also accept and schedule when the transfer should take effect on the customers’ behalf.

Julian Hartley, Tesco Bank director of mortgages, savings and loans, (pictured) said: “We are delighted to announce our new retention procuration fees today, as we believe they recognise the effort of the broker within the mortgage application process.

“We know that product transfers are an important issue for the intermediary market, and it is our intention to deliver a best-in-class broker experience that is quick and simple.”

Earlier this year, the lender widened its broker distribution network after being added to Tenet and Sesame panels, and said it expects to extend its offering further this year.

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