Mortgage Intermediaries

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News

Product change10 November 2017

We will be making changes to select mortgage products at 8am on Tuesday 14 November 2017.We will be making changes to select mortgage products at 8am on Tuesday 14 November 2017.

What’s happening:

* 5 year 75% LTV remortgage £0 fee product rate increased from 2.13% to 2.34%
* 5 year 80% LTV remortgage £0 fee product rate increased from 2.13% to 2.34%

Pipeline cases for the current products being withdrawn, dated Friday 3 November 2017, must be fully submitted and fees paid by midnight on Monday 13 November 2017 in order to qualify for the chosen product.

Full product details are outlined in the current rates pdf and can be found in the product selector.

Product change01 Nov 2017

We will be launching a new mortgage product range at 8am on Friday 3 November 2017.We will be launching a new mortgage product range at 8am on Friday 3 November 2017.

What’s happening:

* 5 year 80% LTV remortgage £0 fee product rate reduced from 2.18% to 2.13%
* Selected 2, 3 and 5 year product rates increased
* Product end dates moved out to 28 February of the relevant year
* Tracker rates are subject to change on Friday 3 November if a Bank of England base rate change takes place on 2 November

Pipeline cases for the current products being withdrawn, dated Tuesday 24 October 2017, must be fully submitted and fees paid by midnight on Thursday 2 November 2017 in order to qualify for the chosen product.

Full product details are outlined in the current rates pdf and can be found in the product selector.

Product change20 Oct 2017

We will be launching a new mortgage product range at 8am on Tuesday 24 October 2017.We will be launching a new mortgage product range at 8am on Tuesday 24 October 2017.

What’s happening:

* 2 Year 90% LTV £995 and £0 fee purchase rates increased
* 5 Year 60% LTV £0 fee remortgage rate increased
* 5 Year 95% LTV £0 fee purchase rate increased

Pipeline cases for the current products being withdrawn, dated Thursday 14 September 2017, must be fully submitted and fees paid by midnight on Monday 23 October 2017 in order to qualify for the chosen product.

Full product details are outlined in the current rates pdf and can be found in the product selector.

Introducing our New Build service12 Oct 2017

We’ve been making improvements to the way we deal with new build properties and have launched a bespoke service for this important sector.We’ve been making improvements to the way we deal with new build properties and have launched a bespoke service for this important sector.

We now have a dedicated helpline for New Build enquiries, case updates and access to underwriters, as well as our standard real time case updates via email, SMS and the portal. You'll have a named case manager for every application; right through to completion and in addition our New Build service means:

* Instant valuation instructions at the point of case submission
* No re-inspections for new build
* Free valuations on new build properties available
* Builders incentives up to 5% acceptable

Our dedicated support line, just for new build mortgages, is 0345 051 8465*, available Monday to Friday 8am - 6pm.

*This number may be included as part of any inclusive call minutes provided by your phone operator.

Tesco Bank Intermediaries case studies28 Sep 2017

Mortgage Solutions has been publishing case studies of brokers who have used Tesco Bank in their regular Success in Practice area of their website. We were so pleased with the positive things they had to say we wanted to share them with you.Mortgage Solutions has been publishing case studies of brokers who have used Tesco Bank in their regular Success in Practice area of their website. We were so pleased with the positive things they had to say we wanted to share them with you.

Gordon Richardson, Senior Mortgage Consultant with You Mortgage Solutions, made the headline comment, “everyone I dealt with seemed to genuinely want to help”, which is exactly how we want all of our intermediary customers to feel. Richardson went on to say “For me the service is where the lender really stands out. My Business Development Manager was always on hand to help with any queries I had and nothing was too much trouble. He responded quickly and his service was 10/10. I wish all lenders were like this!” Read Gordon’s whole case study.

Emma Hodgson is a Mortgage Adviser at Opal Financials and she supports Gordon’s view saying “Tesco Bank may be fairly new to the intermediary market but I’d recommend any broker give it a chance. A forward thinking lender with a desire to deliver what brokers want and a clear understanding of what matters to the intermediary sector – I can’t fault it.” Hodgson went on to praise the Tesco Bank system “The processing system is so straightforward that even when I’ve submitted complicated cases, they’ve been as easy as the most vanilla of applications.” Read more of Emma’s thoughts

And then Adam Russell a Mortgage Adviser with Elite Financial, an Appointed Representative of Openwork Ltd, who described our intermediary offering as “a clean slate and a fresh proposition.” He goes on to say “It is a broker-friendly lender with a straightforward approach to lending and that’s worth an awful lot.” Read Adam’s full story.

Our latest Home Buyers Survey results14 Sep 2017

Today we launch our second bi-annual Home Buyers Survey. During the summer we worked with YouGov to find out what motivates them to buy a home and to reveal the challenges they faced along the way.Today we launch our second bi-annual Home Buyers Survey. During the summer we worked with YouGov to find out what motivates them to buy a home and to reveal the challenges they faced along the way.

Here are some of our stand out findings:

* Almost one-fifth (18%) of UK home buyers over the age of 40 are still relying on ‘The Bank of Mum and Dad’ for financial help.
* 50% viewed six or more properties before finding ‘the one’
* Home buyers save an average of over £500 per month to help them buy a property
* 72% of UK home buyers told us they bought a property as an ‘investment fund for the future’
* Almost 4 in 10 recent home buyers had no savings left after they’d moved home.

As well as the Home Buyers Report we’ve put together some excellent hints and tips for home buyers which can all be found in our new hub of useful content. Have a browse around and feel free to share with your customers too.

Research conducted by YouGov in July 2017. 1,720 interviews split across 1,010 respondents who have purchased a property in the last 12 months (also with a mortgage) and 710 respondents who were considering buying a property in the next 12 months (also with a mortgage).

Product Change12 Sep 2017

We will be launching a new mortgage product range at 8am on Thursday 14 September 2017.We will be launching a new mortgage product range at 8am on Thursday 14 September 2017.

What’s happening:

* 5 year fixed 60% LTV remortgage product rate reduced from 1.88% to 1.83% with £0 product fee
* Selected 2 year and 5 year fixed 90% house purchase and remortgage rates reduced
* Selected rates across further segments increased or decreased.

Pipeline cases for the current products being withdrawn, dated Thursday 31 August 2017, must be fully submitted and fees paid by midnight on Wednesday 13 September 2017 in order to qualify for the chosen product.

We've also added a range of new additional borrowing products to our offering, details of which can be found in our full product pdf.
Full product details are outlined in the current rates pdf and can be found in the product selector.

Launch of additional borrowing products06 September 2017

Today we launch a range of additional borrowing products for existing Tesco Bank mortgage customers, which we’ll be paying a procuration fee on.Today we launch a range of additional borrowing products for existing Tesco Bank mortgage customers, which we’ll be paying a procuration fee on.

The new additional borrowing products, available to existing Tesco Bank mortgage customers after they’ve made 6 consecutive monthly repayments, offer both 2 year and 5 year fixed term options across a range of LTV bands. We’ll also continue to offer additional borrowing up to 95% on our Standard Variable Rate.

Customer eligibility information can also be found on our existing customer page of the Tesco Bank website. If you have a Tesco Bank mortgage customer who would like to apply for additional borrowing please give our team a call on 0345 051 8461 to go through the application by phone.

We will pay Tesco Clubcard points on the additional borrowing as well as the main mortgage repayments. A proc fee will be paid on the additional borrowing portion of all new cases from Wednesday 6 September.

Full product details are outlined in the current rates pdf.

Amendments to lending criteria06 September 2017

As a direct result of your feedback we are making changes to our lending criteria from Wednesday 6 September.As a direct result of your feedback we are making changes to our lending criteria from Wednesday 6 September.

We have reduced the amount of evidence required for self-employed customers. Now, instead of 3 years SA302s or Accountants reports, we’ll only require 2 years to be supplied. This will improve the service we can offer by speeding up the application process.


We’ve also made amends to provide greater clarity over the credit history reasons that would result in a declined application. And we’ve added guidance on how to get the most out of the affordability calculator for debt consolidation cases.

Product change31 August 2017

Today (Thursday 31 August 2017) we have made some changes to our mortgage product range.Today (Thursday 31 August 2017) we have made some changes to our mortgage product range.

What are the changes:

* Rates reduced on selected 3-year, £995 fee, remortgage products
* Rate reduced on 5-year fixed, 85% LTV, £995 fee, purchase product.

Full product details are outlined in the current rates pdf and can be found in the product selector.

Product Change15 Aug 2017

We will be launching a new mortgage product range at 8am on Thursday 17 August 2017.We will be launching a new mortgage product range at 8am on Thursday 17 August 2017.

What’s happening:

* Free valuation incentive extended for all house purchase products.
* Rates reduced across selected house purchase and remortgage products.
* Product end dates moved out to 30th November of the relevant year.

Pipeline cases for the current products being withdrawn, dated Thursday 27 July 2017, must be fully submitted and fees paid by midnight on Wednesday 16 August 2017 in order to qualify for the chosen product.

Full product details are outlined in the forthcoming rates PDF, 296kb.

Our latest Broker satisfaction scores27 Jul 2017

Thank you to the mortgage intermediaries who took part in our recent satisfaction survey.Thank you to the mortgage intermediaries who took part in our recent satisfaction survey.

We were keen to understand how Tesco Bank is thought of by our intermediary partners and conduct regular research to get your view on Tesco Bank Mortgages, our service and our communications. The good news for us is that you are satisfied with the service you receive. Other key findings of the research are:

* The majority are satisfied that the Broker Helpline delivers in terms of responsiveness/speed and staff knowledge, being helpful and taking ownership.
* Three quarters are satisfied with the service they receive for mortgages from Tesco Bank. Good staff, good rates and easy to use systems are just some examples of the positive feedback we’ve received.
* We saw a decrease in those who agree that ‘applications are processed in a timely manner’ since we first ran the survey in February. This was due to a period of very high volumes and we have worked hard with our operations team to get this firmly back on track.
* Three quarters stated they were likely to use Tesco Bank in the future.
* The majority were satisfied with the communications they receive from Tesco Bank mortgages.

The survey also highlighted that in some cases we’ve made some unnecessary information requests. We’re reviewing everything we currently ask for and while we’ve already made advancements in this area there are more improvements to come.

We would again like to thank you for completing the survey and your ongoing support. We’ll continue to ask for your feedback, with the next survey planned for October.

Product Change25 Jul 2017

We will be launching a new mortgage product range at 8am on Thursday 27 July 2017.We will be launching a new mortgage product range at 8am on Thursday 27 July 2017.

What’s happening:

* Free valuation incentive now extended to all house purchase products.
* Rates reduced on selected 2, 3 and 5 year products.
* 2yr 0.98% tracker product rate increased; 5yr fixed 60% £995 fee remortgage product rate increased.

Pipeline cases for the current products being withdrawn, dated Wednesday 5 July 2017, must be fully submitted and fees paid by midnight on Wednesday 26 July 2017 in order to qualify for the chosen product.

Full product details are outlined in the forthcoming rates PDF, 296kb.

Product Change03 Jul 2017

We will be launching a new mortgage product range at 8am on Wednesday 5 July 2017.We will be launching a new mortgage product range at 8am on Wednesday 5 July 2017.

What’s happening:

* 90% and 95% LTV products re-introduced.
* 2 year fixed 60% £0 fee remortgage product rate increased.
* 2 year fixed 75% £995 fee house purchase product rate increased.


Pipeline cases for the current products being withdrawn, dated Tuesday 6 June 2017, must be fully submitted and fees paid by midnight on Tuesday 4 July 2017 in order to qualify for the chosen product.


Full product details are outlined in the forthcoming rates PDF, 294kb.

One to one with Mortgage Solutions19 June 2017

Mortgage Solutions Features Editor, Owain Thomas, recently interviewed our Director of Mortgages, Julian Hartley to discuss our first year in the mortgage intermediary market and what the future may hold.Mortgage Solutions Features Editor, Owain Thomas, recently interviewed our Director of Mortgages, Julian Hartley to discuss our first year in the mortgage intermediary market and what the future may hold.

There was lots to discuss, enough for two videos in fact.

In the first video Mortgage Solutions asked why we’d moved into the mortgage intermediary market, what’s developed throughout our first year and what we have to offer that’s different from other lenders, watch it here.

In the second Owain asks about the feedback we’ve received from intermediaries, about retention and retention procuration fees and what’s coming next for Tesco Bank in regard to mortgage intermediaries. You can view video two here.

Accolades for simple yet delightful site6 June 2017

In a recent review of the best and worst online experiences of 19 major mortgage intermediaries by financial experience design agency Dock9.In a recent review of the best and worst online experiences of 19 major mortgage intermediaries by financial experience design agency Dock9. We’re delighted to have scored full marks for best intermediary mortgage provider online experience.

Dock9’s review said it was due to the “simple yet delightful site full of modern UI patterns. Tesco truly sets the bar for other intermediaries to follow in this space.”

The review is a positive testament to the work that was carried out before launching in to the intermediary market in 2016 where several rounds of research and user testing helped us to develop the website and application that we have today.

Product change2 Jun 2017

We will be launching a new mortgage product range at 8am on Tuesday 6 June 2017.We will be launching a new mortgage product range at 8am on Tuesday 6 June 2017.

What’s happening:

* 5 year fixed 60% LTV £995 fee remortgage product rate reduced to 1.68%
* 2 year fixed 60% LTV £0 fee remortgage product rate reduced to 1.53%
* All 90% LTV and 95% LTV products withdrawn
* End dates for all remaining products are extended to 30th September of the relevant year.

Pipeline cases for the current products being withdrawn, dated Tuesday 23 May 2017, must be fully submitted and fees paid by midnight on Monday 5 June 2017 in order to qualify for the chosen product.

Full product details are outlined in the forthcoming rates PDF, 294kb.

Mortgage Advice Bureau recognises Tesco Bank as best newcomer15 May 2017

On Thursday 4 May we were announced as Mortgage Advice Bureau’s Best Lender - Newcomer.On Thursday 4 May we were announced as Mortgage Advice Bureau’s Best Lender - Newcomer.

Mortgage Advice Bureau, announced its 2017 top lenders, partnerships and mortgage advisers at its annual conference where we were thrilled to take home the best newcomer award just weeks after celebrating our first year in the intermediary market.

The event, which was held at The Curve in Leicester, was hosted by technology journalist and presenter of The Gadget Show, Georgie Barat and included a day full of debate and presentations around technology and innovation in the sector.

MAB CEO Peter Brodnicki said; “We are thrilled to be able to acknowledge the achievements and contributions of our lenders, advisers, businesses and partners. The Mortgage Advice Bureau Awards are an opportunity for us to give recognition to those who have demonstrated outstanding dedication and expertise in their field.”

Director or Mortgages, Julian Hartley said, “We’re delighted with the award win and looking forward, we will continue to look for new opportunities to further improve what we do; to deliver smoother, quicker decisions, and will continue to offer great service, useful features and highly competitive mortgage products.

Our first year18 April 2017

We’ve been providing mortgages since 2012, and last year we entered the mortgage intermediary market with an online portal designed with both you and your customers in mind.We’ve been providing mortgages since 2012, and last year we entered the mortgage intermediary market with an online portal designed with both you and your customers in mind.

We’re really pleased with how far we’ve come, so thank you for all your support and feedback.

We asked our Director of Mortgages, Julian Hartley, to share his thoughts on year one and how we’ve developed the service so far, with your help.

View the video.

Product change13 April 2017

Tesco Bank’s first UK Home Buyers Survey results3 April 2017

Product rate change6 March 2017

Planned Maintenance 23 February23 February 2017

Product rate change30 January 2017

New firms added to mortgage broker panel17 January 2017

Product rate change10 January 2017

Panel management and conveyancing changes21 November 2016

Planned Maintenance 20 November18 November 2016

Product Change04 Nov 2016

Product Change13 October 2016

Product change04 October 2016

Product change26 September 2016

Product change12 September 2016

Product change9 August 2016

Mortgage offer validity extended to six months4 August 2016

Product change29 July 2016

Product change11 July 2016

Product change13 June 2016

Product change25 April 2016

When it comes to improving the mortgage process, every little helps18 April 2016