Tesco Bank stops selling mortgages and seeks exitChristian Fernsby ▼ |
Britain Tesco Bank
Tesco Bank is getting out of the mortgage market blaming "challenging market conditions".
Tesco Bank currently has more than 23,000 mortgage customers who are currently able to collect Clubcard points when repaying their loans.
Chief executive Gerry Mallon said the lender would ensure fair treatment as he sought to justify the shift.
He wrote: "In recent years, challenging market conditions have limited profitable growth opportunities.
"Our focus is on how we best serve Tesco customers and align our resources effectively to their needs while ensuring that our offer remains sustainable in the long term.
"To that end, we have made the strategic decision to focus on serving a broader range of customers in more specific areas, which means moving away from our mortgage offer. ■
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