Tesco to pay 0.3% retention proc fee

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Tesco Bank says it will pay brokers a retention procuration fee of 0.3 per cent.

The lender’s first intermediary mortgage customers come to the end of their fixed terms in June 2018.

Tesco will also add a section to its intermediary portal to help the product transfer process.

Tesco Bank director of mortgages, savings and loans Julian Hartley says: “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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