Tesco says mortgage launch will be in next few months

Tesco Bank says it is still on track to launch a mortgage range in the next few months and will announce details in the coming weeks.

Last week the supermarket giant announced its preliminary results for 2011, in which it revealed it is close to migrating its financial services products on to its new platform.

Previously it said that it would delay launching into new product areas until this migration was completed.

But a spokeswoman for Tesco Bank says: “We don’t have a final date when we will launch our mortgage range but it will be in the coming months.”

She would also not confirm whether it has gained its Financial Services Authority licence.

But she adds: “Our dialogue with the FSA is positive and ongoing.”

She says is too early to say whether it will use brokers to distribute its products when it launches into the mortgage market.