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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.


Paul Muolo

Good and bad news on mortgage debt

There are two primary ways to make money in mortgage banking in the US fee income from originating new loans or servicing those loans on a monthly basis. Thanks to the housing bubble and subsequent re-regulation of lending standards, the origination business is in the tank, and that’s putting it mildly. As noted in previous […]


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