"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."
The move comes as the lender's first set of intermediary mortgage customers are due to reach the end of their two-year fixed rate terms in June 2018.
Tesco Bank will launch a new product transfer section on its intermediary portal which will enable brokers to search for the customer’s account, generate the offer instantly to download, and accept and schedule when the transfer should take effect from on the customers’ behalf.
Julian Hartley, director of mortgages, savings and loans, 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.”
