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Tesco Bank quits ‘challenging’ mortgage market – CityAM

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Tesco Bank has thrown in the towel on mortgages, ceasing all new lending as it attempts to sell of its existing ledger book. Currently the bank has 23,000 mortgage customers who it has lent 3.

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Tesco Bank’s retreat from the mortgage market was attributed by Gerry Mallon, its chief executive, to "challenging market conditions" which it said had "limited profitable growth opportunities".

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.

Tesco’s banking arm has quit mortgage lending and will try to sell its 3.7bn of. Tesco Bank pulls out of mortgage market .. challenging market conditions have limited profitable growth.

Tesco Bank quits ‘challenging’ mortgage market. Tesco Bank has thrown in the towel on mortgages, ceasing all new lending as it attempts to sell of its existing . 21 May 2019. morrisons fails to convince despite Ocado deal.

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Tesco Bank, which serves more than 23,000 mortgage customers with total balances of 3.7 billion pounds ($4.7 billion), said it would stop new lending and seek to sell its existing portfolio of home loans. "In recent years, challenging market conditions have limited profitable growth opportunities," said tesco bank chief Executive Gerry Mallon.

More lenders could quit mortage market. "In recent years, challenging market conditions have limited profitable growth opportunities," said Tesco Bank chief executive gerry mallon. Bellwether.

Tesco Bank mortgages are now also available through selected Mortgage Intermediaries. You should check with your intermediary if they are able to advise on Tesco Bank products. For more information on our current range of existing customer products, please see below:

Tesco Bank, which serves more than 23,000 mortgage customers with total balances of 3.7 billion pounds ($4.7 billion), said it would stop new lending and seek to sell its existing portfolio of home.

Tesco Bank has closed its mortgage business and is looking to sell its loan book, but what does this mean for its 23,000 existing customers? The retail giant launched into the mortgage market to.