Tesco Bank calls time on mortgages - thousands affected

22 Mai, 2019, 06:39 | Auteur: Auguste Feret
  • Tesco said challenging market conditions were to blame for its withdrawal
Credit
BEN STANSALL  AFP

Tesco Bank, which entered the mortgage market seven years ago, said that "challenging market conditions" were behind its decision to stop issuing new mortgages and sell its existing portfolio.

Gerry Mallon, chief executive of Tesco Bank, said: "In recent years, challenging market conditions have limited profitable growth opportunities".

The bank announced on Tuesday that it had ceased new mortgage lending and was actively exploring options to sell its existing portfolio, which has total lending balances of £3.7 billion. "Our priority in any sale, is to complete a commercially acceptable transaction with a purchaser who will continue to serve our customers well".

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Uncertainty over Britain's exit from the European Union has prevented interest rate hikes that could have boosted loan margins, while a glut of new banks and rules pushing established players to lend more have increased the supply of mortgages.

Tesco Bank, which started offering mortgages in 2012, has more than 23,000 mortgage customers.

The shift comes after PA revealed this month that Tesco Bank has quietly dropped its travel insurance offer, following the likes of John Lewis.

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