Tesco Bank announces it is halting new lending

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.

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.

Tesco Bank is set to pay brokers retention procuration fees of 0.3%. The move comes as Tesco Bank’s first set of intermediary mortgage customers are due to reach the end of their fixed term contracts in June 2018, as the Bank has been offering mortgages via intermediary market for close to two years.

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A statement from Benny Higgins, Chief Executive, Tesco Bank. Full service has resumed for our customers We can confirm that normal service has resumed at Tesco Bank following the temporary suspension of online transactions from current accounts. Our first priority throughout this incident has been protecting and looking after our customers.

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Tesco Bank has today announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio, including the complete transfer of related balances and ongoing administration of relevant accounts.

Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio, including the complete transfer of related balances and ongoing administration of relevant accounts.

Mortgage lenders are shutting up shop tesco bank is the sixth lender since December to close its doors to new business as increased competition in the market has squeezed profits in the sector.

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