Tesco stops mortgage lending
Tesco has announced that it is pulling out of the mortgage market and planning to sell its mortgage portfolio.
Final applications through mortgage intermediaries will need to be submitted by midnight Friday 24th May 2019 and all pipeline cases must reach formal offer stage by Friday 14th June 2019.
There will be no further offers made after Friday 14th June 2019, including revised offers or offer extensions. Any applications failing to reach these deadlines will not be honoured.
A statement on Tesco’s website highlights how "challenging market conditions" have limited profitable and growth opportunities. It goes onto say that during this period, the lender has continued to offer customers some of the most competitive mortgage rates available and its focus is on how we best serve Tesco customers.
Since 2012, Tesco Bank has sold more than 23,000 mortgages worth a total of £3.7billon.
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