Home Loan News

Tesco Bank exits ‘challenging conditions’ of UK mortgage market

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.

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Most are Glasgow-based. The bank is stopping new mortgage lending and exploring a sale of its existing mortgage portfolio. It said "challenging" market conditions had "limited profitable growth.

Lloyds reportedly beat several rival high street lenders to snap up Tesco Bank. as it battled challenging market.

Given the muted reaction to today’s update it seems a lot of the bad news was already priced-in. The group is going to focus on cost saving initiatives as it predicts the consumer environment will remain challenging. Tesco (LON: TSCO) declared its intention to exit the mortgage market and it described the sector as challenging’. The firm.

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

The supermarket giant’s fully-owned bank will look to sell its mortgage book, having previously lent about £3.7billion to more than 23,000 mortgage holders. tesco blamed challenging market conditions.

In May Tesco Bank announced it had ceased new mortgage lending as a result of "challenging market conditions" and was.

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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".

 · Gerry Mallon, chief executive of Tesco Bank, said: “In recent years, challenging market conditions have limited profitable growth opportunities. Our focus is on how we best serve Tesco customers and align our resources effectively to their needs while ensuring that our offer remains sustainable in the long term.

 · The bank, which has offered mortgages since 2012, currently serves over 23,000 customers with total lending balances of £3.7bn. Tesco Bank flogs mortgage portfolio to Lloyds Gerry Mallon, chief executive at Tesco Bank said: “In recent years, challenging market conditions have limited profitable growth opportunities.