Tesco Bank and Capita extend mortgage services contract

Business processing outsourcer Capita has agreed a contract extension until 2020 to provide mortgage services to Tesco Bank.

Tesco Bank and Capita extend mortgage services contract

Since the launch of Tesco Bank mortgages in 2012 Capita has provided a full mortgage outsourcing service from their Glasgow-based office.

The service spans mortgage advice, telephony support, processing, servicing and arrears management.

Initially, this supported Tesco in launching a direct proposition allowing customers to apply via the web or receiving advice through the telephony channel.

Last year Capita expanded the relationship further by supporting Tesco Bank launch mortgages into the intermediary market. 

The Tesco Mortgage Intermediaries portal is based on Capita software and offers real time application placement, decision-making and tracking, and also has instant scanning and uploading functionality, all available through any device.

The portal aims to provide ease and convenience to intermediaries, allowing communication through the portal via message board, webchat or telephone. Since launch 4,000 brokers have joined the panel.

Benny Higgins, chief executive of Tesco Bank, said it has extended the contract because Capita has been integral to helping the supermarket bank build a reputation in the mortgage sector.

Mike Barnard, executive director of Capita customer management, said: “We have a proud record of working with banks and other financial institutions to provide full end-to-end servicing for retail mortgage and loan products.

“This contract extension with Tesco Bank is testament to the success of the business in recent years and we look forward to continuing that relationship.”