Tesco Bank has announced it will now pay brokers retention procuration fees of 03%.
This announcement comes as the bank's first set of intermediary mortgage customers edge closer to the end of their fixed term contracts in June 2018.
As part of the launch, Tesco Bank will introduce a new section to its intermediary portal with new system features including the ability to search for customer accounts, instantly generate an offer and accept and schedule when the transfer should take place.
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.”
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