Tesco Bank announces it is halting new lending

Tesco Bank announces it is halting new lending

Tesco refuses to commit to MPs’ demands on mortgage sale . Tesco Bank has refused to commit to selling its £3.7bn loan book to an active and regulated lender, despite a further plea from MPs. Last month (May 21), Tesco Bank announced it had ceased new mortgage lending and was actively looking to sell its existing portfolio of 23,000 mortgages.

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Tesco Bank has become the latest lender to pull out of the mortgage market this year, following the likes of AA Mortgages, Magellan and buy-to-let specialists Secure Trust Bank. The move will not immediately impact Tesco’s 23,000 mortgage customers, although this could change if and when Tesco sells its existing loan book.

Tesco Bank is looking to offload its mortgage portfolio after announcing it would no longer write any new mortgage business. picture: Jeff J Mitchell/Getty Images.

Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23000 customers. Last month.. After seven years of mortgage lending, Tesco Bank has announced it will no longer sell home loans and is actively exploring options to sell its.

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Thousands of Tesco Bank customers could find their mortgage sold to a third party after the bank confirmed it has ceased new lending and will look to sell its mortgage book. The bank, which has lent around 3.7billion to over 23,000 mortgage holders, blamed challenging market conditions as it closed its doors to new lending. It now says it will actively look for a buyer for its existing mortgage portfolio.

Tesco Bank is to sell off its mortgage portfolio after halting new lending, in a move which could affect more than 23,000 customers.

Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio. The Bank says it will consider the complete transfer of related balances and ongoing administration of relevant accounts. The Bank, which has offered mortgages since 2012, currently serves over 23,000 customers with total lending balances of £3.7bn.

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