Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio. The bank currently serves over 23,000 customers with lending balances of 3.7bn.
It has suffered so much, in fact, that it announced during the week that it will not only stop making any new loans with immediate effect but that it is looking into offloading its existing mortgage.
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The new inquiry launched by the APPG on Mortgage Prisoners offers hope of a way out. There is also concern that active lenders such as Tesco Bank have announced they are leaving the market and are.
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However, the bank has announced that it has ceased all new mortgage lending and is looking to sell its existing portfolio. This may include transferring all accounts and balances to a rival provider..
Leaflets for Tesco’s range of financial services. Photograph: Jack Hobhouse/Alamy The boss of Tesco Bank has warned. joint venture from Royal Bank of Scotland. He was speaking as the bank announced.
A group of MPs has urged Tesco Bank to ensure the sale of its loan book will not create more mortgage prisoners. On Tuesday (May 21), Tesco Bank announced it had ceased new mortgage lending and.
Up to 160 jobs are at risk after Tesco Bank announced it was pulling out of the mortgage market, BBC Scotland has learned.
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.
The bank blames "challenging market conditions" for its decision to stop. Tesco Bank is stopping new mortgage lending and is looking for ways to sell its.
Tesco Personal Finance PLC to cease new mortgage lending and explore sale of mortgage portfolio Tesco Bank has today announced that it has ceased new mortgage lending and is actively exploring options.
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Tesco Bank is to sell off its mortgage portfolio after halting new. “We have therefore chosen to cease lending to new customers and announce.