Tesco to launch into mortgages in coming months

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

In a Q1 management statement today, it reveals Tesco Bank increased revenue by 20% in Q1.

In its report it says: “The savings and loan platforms have now started operating for new customers, with the migration of existing accounts imminent. 

“We’re growing the number of customer accounts steadily and 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.

Overall, group sales were up 7.3%, excluding petrol.

This however was driven by strong demand in Thailand, up 8% and China 6.4%.

UK like-for-like sales excluding petrol fell 0.1%.