Tesco Bank exits ‘challenging conditions’ of UK mortgage market

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Tesco’s banking unit is withdrawing from the mortgage market, blaming “challenging market conditions”. tesco bank started offering mortgages in 2012 and currently has more than 23,000 customers who have total lending balances of £3.7bn. However, the company will now cease new mortgage lending.

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Before the deal, it held a 20 per cent share of the UK mortgage market. It comes after Tesco Bank said in May that it would wind up its mortgage lending and put the business up for sale as it.

 · Tesco Bank abandons mortgage lending and plans to sell off its existing loans – affecting more than 23,000 homeowners. Bank cites ‘challenging market conditions’ for closure of its mortgage.

Lloyds Banking Group has completed the purchase of Tesco Bank’s mortgage book in a deal worth £3.8bn. Sky News reported in July how the high street giant had fought off rivals including RBS to enter exclusive talks for the business , three months after Tesco said it planned an exit because of challenging market conditions.

Tesco Bank announced yesterday (21st May) that it had ceased new mortgage lending. The bank also stated that it was looking to sell its existing mortgage portfolio . One industry expert claimed that this was a result of diminished margins against a backdrop of extreme political and economic uncertainty.

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Tesco Bank is getting out of the mortgage market – blaming "challenging market conditions". The lender said on Tuesday it had stopped new mortgage lending and was actively pursuing a sale of its.

Tesco. giant’s fully-owned bank confirmed it was exploring a potential sale of its mortgage book after ceasing all new lending, having previously lent about £3.7billion to more than 23,000 mortgage.

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The bank plans to exit the mortgage. dominance of the UK’s major banks. tesco bank has more than 23,000 mortgage customers with total balances of £3.7bn. Gerry Mallon, chief executive of Tesco Bank.

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