Tesco to pay 0.3% retention proc fee


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.



Newbury BS to pay retention proc fees

  Newbury Building Society is set to pay a 0.20 per cent retention fee to its broker panel. The fees will be introduced from the summer.  The fee will be paid for all cases where existing customers transfer onto a new product. Newbury BS sales manager Karen Smith says: “We have always valued the support […]


Trust me, I’m a provider

By Craig Paterson, Underwriting and Claims Philosophy Manager, Royal London Hard-hitting headlines “Dying mother of two is refused life insurance payout.”1 “What a way to treat a dying man: Grandfather refused life insurance claim.”2 “A widow betrayed by a life insurance company.”3 With headlines like these, it’s no wonder some consumers don’t trust providers. Trust […]


News and expert analysis straight to your inbox

Sign up