3 Oct

Tesco keen on mortgage market

Tesco keen on mortgage market

In a potential boost to the UK mortgage market, high street retailer Tesco has said it is interested in entering the home loans market.

The firm, which is buying out the Royal Bank of Scotland's share of their partnership through which loans and current accounts are offered, has now indicated that it is seeking to enter the property finance sector.

"Mortgages are looking quite attractive as a line of business," an official at the retail giant was quoted as saying by the Economist.

The magazine noted that the company is in a strong position to do this because global profits have risen by 11 per cent in the past year, in contrast to rival Marks & Spencer, which has seen a 6.1 per cent drop in sales in the last quarter.

Such an intervention in the mortgage market could help produce more choice and price competition for those looking to buy a home.

Tesco's retail operation is active in 12 countries apart from the UK, including Ireland, the US, India and China.
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