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Tesco launches into mortgage broker market

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Tesco Bank has made its long-awaited entry into the broker market.

Tesco Mortgage Intermediaries is being offered first through London & Country, then through Legal & General’s Nouveau panel in the coming months.

It has trackers starting from 1.35 per cent, two-year fixed rates from 1.67 per cent and five-year fixes from 2.34 per cent.

The service includes searchable lending criteria, webchat, and the ability to scan and upload documents and track the status of applications from any device. Brokers will be able to contact Tesco Intermediaries by phone or online using a webchat facility.

Tesco Bank chief executive Benny Higgins says: “We aim to be the bank for people who shop at Tesco, and the launch of Tesco Mortgage Intermediaries will help us to serve more customers than ever before. The vast majority of Tesco customers select their mortgage through a broker and our platform has been specifically designed to help brokers provide a great service to customers remortgaging or purchasing their home.”

London & Country associate director of communications David Hollingworth says: “Since entering the market, Tesco Bank has built a solid reputation based on competitive rates and its commitment to good service.

“We are confident that their broad range of sharply priced mortgages will appeal to customers and advisers alike. We are delighted to be working with Tesco on their first step into the intermediary market.”

Mortgage Strategy revealed the lender, which has offered mortgages direct through its branches since 2012, was eyeing the broker market in 2014.

The past 18 months has seen HSBC, TSB and Bank of Ireland UK launch broker propositions.

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  1. Tesco is desperate to repair its balance sheet. It’s capex, depeciation and free cash flow are all at sixes & sevens in an attempt to make the bottom line look better than it is. This departure from its knitting is another staw they are clutching for. So qhy not have a mortgage with your groceries – we’ll even deliver.

    Bad enogh that they were flogging third rate life cover with no clue of what they were about (Trusts? Life of Another etc) Now they are going to stitch up shoppers with a naff mortgage. I do hope the regulator is watching closely.

    If they thought they could get away with it they would launch Tesco brothels – they are that desperate.

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