This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.bbc.co.uk/news/business-48347711

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
Tesco Bank to stop offering mortgages Tesco Bank to pull out of mortgage market
(32 minutes later)
Tesco Bank is stopping new mortgage lending and is looking for ways to sell its existing mortgage portfolio.Tesco Bank is stopping new mortgage lending and is looking for ways to sell its existing mortgage portfolio.
The bank, which started offering mortgages in 2012, has more than 23,000 mortgage customers, who have total lending balances of £3.7bn.The bank, which started offering mortgages in 2012, has more than 23,000 mortgage customers, who have total lending balances of £3.7bn.
There will be no impact on customers who already have mortgages, which will continue as normal for now. Tesco Bank chief Gerry Mallon said: "In recent years, challenging market conditions have limited profitable growth opportunities."
However, if a sale does go ahead, then the bank would notify customers of any impact it would have on their accounts. There will be no impact on customers who already have mortgages.
These will continue as normal for now, but if a sale does go ahead, then the bank will notify customers of any impact it will have on their accounts.
Any possible sale would include the transfer of related balances and the administration of relevant accounts.Any possible sale would include the transfer of related balances and the administration of relevant accounts.
Gerry Mallon, Tesco Bank's chief executive, said: "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. Mr Mallon added: "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.
"Our priority in any sale, is to complete a commercially acceptable transaction with a purchaser who will continue to serve our customers well.""Our priority in any sale, is to complete a commercially acceptable transaction with a purchaser who will continue to serve our customers well."