Lloyds Banking Group has completed the purchase of Tesco Bank’s residential mortgage portfolio.
It announced the purchase of the portfolio in September 2019 and has since been working on a smooth transition for all customers and intermediaries.
Brokers can continue to service their ex-Tesco Bank mortgage customers wanting to change their product or take a further advance, with a dedicated new product range. There is no change to the process for this.
Any ex-Tesco Bank mortgage customer who is looking to port their product to a new mortgage or request a transfer of equity/transfer of mortgage property (TOMP) will need to contact Lloyds directly. They can do this on the usual Tesco Bank telephone number. Any mortgage documentation produced will be branded Halifax.
Lloyds is updating the Halifax Intermediaries website with all the necessary literature, processes and criteria. This will also be where brokers go to login to place any ex-Tesco Bank mortgage product transfer business.
Procuration fees for product transfers and further advance applications for ex-Tesco customers will remain at the same level as previously paid by Tesco Bank. Procuration fee levels will continue to be reviewed on an ongoing basis and amended if necessary in line with changes to market conditions.
Brokers with any questions should contact their business development manager.
