Tesco’s mortgage project on track

Supermarket giant Tesco says it is on track to launch into the mortgage sector in the coming months.

In a Q1 management statement last week, it revealed Tesco Bank increased revenue by 20% in Q1.

It says: “The savings and loan platforms have now started operating for new customers.

“This will accelerate as we launch mortgages and other new products in the months ahead.”

It says Tesco Bank continues to make good progress and is now in the final stages of the transition to its own systems and infrastructure.

It is not yet known if the supermarket has secured its Financial Services Authority authorisation for residential mortgage lending.