Tesco Take A Step Nearer Entering The UK Mortgage Market

 

Supermarket and retail giant Tesco are preparing to enter the UK mortgage market.

The key next step, Tesco's mortgage proposition, is to be submitted to the FSA for approval next month with a view to launch in the early summer of next year.

Tesco Bank has also just signed a 5-year agreement for a mortgage call centre in Glasgow, Scotland. Call centre provider Vertex will be employing 200 call centre workers to service Tesco Bank.

Scottish first minister Alex Salmon expressed his delight, saying: “I welcome Tesco Bank’s plans to further increase their presence in Scotland as the company moves into the mortgage market.”

Benny Higgins, chief executive of Tesco Bank, said good progress was being made towards the launch. He also made it clear that supermarket customers will benefit. He said: “We are focused on designing mortgage products that are consistent with the Tesco brand, namely, products that are simple, transparent and reward customer loyalty.” The mortgage offering could be a powerful part of iSold, the cut-price estate agency chain being rolled out by the Spicerhaart chain with Tesco as its partner.  

 

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