Tesco Bank announces it is halting new lending

Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23,000 customers. The bank announced on Tuesday that it had ceased new mortgage.

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Tesco Bank has announced that it will not offer any new mortgages and is actively looking for options to sell its existing mortgage portfolio; a decision it has made due to challenging market conditions. tesco bank started offering mortgages in 2012 and currently serves over 23,000 customers with total lending balances of 3.7bn.

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with increased competition comes losses and Tesco has sold its mortgage book to Lloyds Banking Group in a £3.8 billion deal.

Gerry Mallon, Tesco Bank chief executive, said:”In May we announced our decision to stop new mortgage lending while we.

Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23,000 customers. The bank announced on Tuesday that it had ceased new mortgage.

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Thousands of homeowners could find their Tesco Bank mortgages. profits in the sector. The bank follows AA Mortgages, which in March announced it would no longer be offering mortgages to new.

Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing The bank, which has offered mortgages since 2012, currently serves over 23,000 customers with total lending balances of 3.7bn.

Thousands of Tesco Bank customers could find their mortgage sold to a third party after the bank confirmed it has ceased new lending and will look to sell its mortgage book. The bank, which has lent around 3.7billion to over 23,000 mortgage holders, blamed challenging market conditions as it closed its doors to new lending.

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It comes after Tesco Bank announced in May that it was stopping new mortgage lending and put the business up for sale amid.