Tesco has launched a dedicated new build service for brokers to speed up processing times and ensure more customers can access its mortgage products.
The service, developed following feedback from intermediaries, gives brokers access to a dedicated new build team, application managers and underwriters.
It is designed to ensure valuations are instructed immediately upon submission, and to give brokers access to the Tesco Bank intermediary platform.
Customers buying a new build home are often required to complete the purchase within a month or face a financial penalty or the loss of their property.
They could steal a march on their competitors whose underwriting standards are very poor.Simon WebsterJulian Hartley, director of mortgages, savings and loans at Tesco Bank, said: “We spoke to Intermediaries at length to develop our new service and they stressed that speed, certainty and accuracy were vital when serving customers who are purchasing a new build property.
“By offering a dedicated team, with specialist case workers and access to underwriters we are confident that this service will be amongst the best available.”
Simon Webster, managing director at Kent-based Facts and Figures Financial Planners, said: “I think if Tesco offer that level of service, they won’t be competing, they will be storming ahead. It is so hard to get hold of a qualified underwriter to sort out anything that is marginally out with criteria.
“It makes everyone’s life a lot easier; and in a precious environment like new build, where speed is the number one criterion, it is a wise move by Tesco and I expect other lenders will follow suit.
“They could steal a march on their competitors whose underwriting standards are very poor.”
simon.allin@ft.com
