Tesco is going deeper into the mortgage market
Another surefire sign UK house price madness isn't showing any signs of abating: now Tesco wants a bigger slice of the pie.
Or that's the suggestion from a statement this morning, in which the supermarket said its banking arm (the snappily-titled Tesco Bank) is launching its own mortgage intermediary service – called, you guessed it, Tesco Mortgage Intermediaries.
The company said the new service, launched today, will mean customers can access Tesco mortgages through London and Country mortgage brokers.
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Eventually, they'll also be available through Legal & General brands Nouveau and Key Partners.
"We aim to be the bank for people who shop at Tesco, and the launch of Tesco Mortgage Intermediaries will help us to serve more customers than ever before," insisted Benny Higgins, Tesco Bank's chief executive.
"The vast majority of Tesco customers select their mortgage through a broker and our platform has been specifically designed to help brokers provide a great service to customers remortgaging or purchasing their home.”
David Hollingworth of London & Country, added: “Since entering the market, Tesco Bank has built a solid reputation based on competitive rates and its commitment to good service. We are confident that their broad range of sharply priced mortgages will appeal to customers and advisers alike. We are delighted to be working with Tesco on their first step into the intermediary market.”
Mortgage borrowing has been strong in recent months, with rates dropping to the lowest on record in recent months – although lending has also been blamed for fuelling a new consumer credit boom.