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Tesco Bank unveils product transfer portal

  • 17/05/2018
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Tesco Bank unveils product transfer portal
Tesco has launched a product transfer portal designed in collaboration with intermediaries.



The system aims to provide advisers with an easy journey when switching existing customers on to a new deal at the lender.

It comes after the bank recently hit its second anniversary of lending through intermediaries, giving rise to product transfer opportunities at the lender.

Tesco pays a procuration fee of 0.30% on the deals and offers can be accepted on behalf of customers up to three months in advance within the portal, removing the requirement for the borrower to sign the mortgage offer and post it back.
Offers can be downloaded from the system, which also gives advisers the ability to search and retrieve customer account details.

Julian Hartley, director of savings, loans and mortgages said: “We’ve worked extremely hard to create a system that is simple and effective for brokers to use.

“With our competitive range of products and no new application or legal fees, we hope customers make the choice to stay with us after their first product ends.

“We are looking to create a system which rewards brokers for their time and hard work in servicing our clients quickly and efficiently, along with paying them a retention proc fee of 0.3% which we committed to earlier this year.”

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