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TODAY'S OTHER NEWS

Tesco announces L&G mortgage tie-up

Tesco is to make its mortgages available through brokers via a tie-up with Legal & General.

The new service called Tesco Mortgage Intermediaries will be available through the Legal & General Mortgage Club.

Its mainstream mortgage product for home movers and remortgages will initially be distributed through London and Country.

Its availability will then be phased through Legal & General’s key account firms, including Nouveau Group, Mortgage Advice Bureau, John Charcol and Stonebridge.

Tesco’s intermediary service gives advisers the ability to scan and upload documents and track application status from any device.

Other broker-friendly features include searchable lending criteria and the freedom to contact Tesco Intermediaries by phone or online using its webchat functionality.

Jeremy Duncombe, director, Legal & General Mortgage Club said: “We’re pleased to become the first distributor of Tesco Mortgage Intermediaries in an exciting move for the bank.

“Our intermediaries can benefit from its modernised services, which aim to simplify mortgage application processes with the adviser in mind.

“The well-known Tesco brand is likely to attract a wide range of clients and therefore be a valuable addition to any portfolio.”

Duncombe said it is encouraging to see a growing number of mainstream lenders begin to recognise the value of intermediary markets.

Benny Higgins, chief executive officer at Tesco Bank, said: “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.”

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