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Tesco Personal Finance To Cease New Mortgage Lending

Tesco Personal Finance Plc 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 said in a statement.

Gerry Mallon, Chief Executive Tesco Bank said, "....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. We have therefore chosen to cease lending to new customers and announce our intention to explore a sale of our portfolio. Our priority in any sale, is to complete a commercially acceptable transaction with a purchaser who will continue to serve our customers well."

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