Tesco Bank has confirmed that it will pay brokers retention procuration fees of 0.3% with its first set of intermediary mortgage customers due to reach the end of their fixed term contracts in June.
The bank is set to launch a new section of its intermediary portal to help smooth the product transfer process.
The system will include the ability to search for the customer’s account, generate the offer instantly to download, and the intermediary can also accept and schedule when the transfer should take effect from on the customers’ behalf. 0
Julian Hartley, director of mortgages, savings and loans at Tesco Bank, 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.”