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MoneyTesco Bank to halt mortgages and sell off £3.7bn portfolio

16:00  21 may  2019
16:00  21 may  2019 Source:   msn.com

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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 lending and was actively exploring options to sell its existing portfolio , which has total

Lloyds Banking Group has agreed to buy the £ 3 . 7 bn mortgage portfolio of Tesco , Britain’s largest supermarket chain. Tesco Bank , the supermarket’s wholly owned retail bank , said in May that it was retreating from the mortgage market, citing tough conditions, and that it would sell its portfolio of

Tesco Bank to halt mortgages and sell off £3.7bn portfolio © Andrew Milligan Tesco Bank has put a stop to signing off new mortgages (PA)

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 lending and was actively exploring options to sell its existing portfolio, which has total lending balances of £3.7 billion.

Chief executive Gerry Mallon blamed recent challenging market conditions and said the move was part of a strategic decision to “focus on serving a broader range of customers in more specific areas”.

Tesco Bank to halt mortgages and sell off £3.7bn portfolio © Getty

“We have therefore chosen to cease lending to new customers and announce our intention to explore a sale of our portfolio,” he said.

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Lloyds Banking Group has agreed to buy the £ 3 . 7 bn mortgage portfolio of Tesco , Britain’s largest supermarket chain. Tesco Bank , the supermarket’s wholly owned retail bank , said in May that it was retreating from the mortgage market, citing tough conditions, and that it would sell its portfolio of

Tesco Bank is selling its mortgage arm to Lloyds Banking GroupCredit: PA:Press Association. The bank 's mortgage arm has a lending balance of around £ 3 . 7 billion and it's entirely made up of If you’ve registered your Tesco Clubcard to your mortgage account and haven’t paid off your loan in

“Our priority in any sale is to complete a commercially acceptable transaction with a purchaser who will continue to serve our customers well.”

The bank warned there was no certainty of a transaction, nor of the terms which might be attached to it.

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Tesco Bank to halt mortgages and sell off £3.7bn portfolio

Tesco Bank has offered mortgages since 2012 and currently serves in excess of 23,000 customers. Customers are able to collect Clubcard points when repaying their loans.

The shift comes after PA revealed this month that Tesco Bank has quietly dropped its travel insurance offer, following the likes of John Lewis.

The bank is also set to slash the interest rate on its current account from 3% to 1% next month.

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