Tesco Bank quits ‘challenging’ mortgage market – CityAM

Britain’s biggest supermarket chain tesco has recently announced its plans to stop mortgage lending. The company’s decision stems from having numerous comp

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Tesco Bank is creating hundreds of jobs in Edinburgh and Glasgow as it steps up its challenge to the established high street giants. The company will hire 300 staff in the coming months, rising to 650 over two years, as it prepares to roll out a crucial current account offering in the middle of next year that will help it move towards becoming.

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Tesco Bank’s retreat from the mortgage market was attributed by Gerry Mallon, its chief executive, to "challenging market conditions" which it said had "limited profitable growth opportunities". Load.

Jobs in doubt as Edinburgh-based bank quits mortgages.. The edinburgh-headquartered bank cited "challenging market conditions" as. said the move by Tesco Bank to exit the mortgage market.

Tesco Bank has thrown in the towel on mortgages, ceasing all new lending as it attempts to sell of its existing ledger book. Currently the bank has 23,000 mortgage customers who it has lent 3.

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Tesco Bank, which serves more than 23,000 mortgage customers with total balances of 3.7 billion pounds (.7 billion), said it would stop new lending and seek to sell its existing portfolio of home loans. "In recent years, challenging market conditions have limited profitable growth opportunities," said Tesco Bank Chief Executive Gerry Mallon.

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Tesco Bank has closed its mortgage business and is looking to sell its loan book, but what does this mean for its 23,000 existing customers? The retail giant launched into the mortgage market to.

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