I read an interesting article today (here) about Tesco. Apparently Tesco Personal Finance will offer mortgages in the UK in the near future, however, they have not decided if they will include broker facing product ranges in the recently announced offering.
The supermarket chain has taken on Benny Higgins, former head of retail business at HBOS, and in press over the weekend he says there are plans to expand the Tesco Personal Finance offering to include mortgage and current accounts products.
He said “Today there is an opportunity to be a responsible lender in mortgages. At present there are still funding problems but that will change. In the second quarter of next year financing will be freer and there could be a very active re-mortgaging market.”
Tesco have (in Ireland) faced bitter competition from discounters such as Aldi and Lidl, however, neither of those firms have entered into the personal finance arena. Tesco is already doing car insurance, …