Mortgage News

Tesco Bank announces it is halting new lending

Tesco Bank has announced a sharp rise in profits as. half of 2010 saw 11% more customers taking out personal loans. There was also growth in Tesco Bank’s travel business. It had 200,000 new.

Tesco Bank has today announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio, including the complete transfer of related balances and ongoing administration of relevant accounts.

Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio, including the complete transfer of related balances and ongoing administration of relevant accounts.

A statement from Benny Higgins, Chief Executive, Tesco Bank. Full service has resumed for our customers We can confirm that normal service has resumed at Tesco Bank following the temporary suspension of online transactions from current accounts. Our first priority throughout this incident has been protecting and looking after our customers.

Tesco Bank has become the latest lender to pull out of the mortgage market. The supermarket bank will stop offering mortgage deals to new customers with immediate effect. It also confirmed it is looking for a buyer for its existing mortgage portfolio. Tesco said this strategic review was the result of more challenging conditions in the mortgage market.

2 hours ago · Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c. £3.7bn and generated directly attributable pre-tax profits of £9.1m in the 2018/19 financial year (after allocation of central overheads and other related costs the business made an immaterial contribution to Tesco Bank’s overall profitability).

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Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23,000 customers.The bank announced on Tuesday that it had ceased new mortgage.

Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23,000 customers.

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Leaflets for Tesco’s range of financial services. Photograph: Jack Hobhouse/Alamy The boss of Tesco Bank has warned. joint venture from Royal Bank of Scotland. He was speaking as the bank announced.

Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23,000 customers. The bank announced on Tuesday that it had ceased new mortgage.