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Tesco Bank sells 23,000 mortgages: Loans to operate under Halifax - what it means for you

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Tesco Bank has confirmed the sale of its mortgage book to Lloyds Banking Group. The loans will operate under the Halifax brand - so what does this mean for you?

Bank’s mortgage book in a £3.8 billion deal, it was announced today. The move will see more than 23,000 customers currently repaying a mortgage to Tesco Bank being transferred to Halifax. Tesco announced its plan to stop lending and sell its existing mortgage loans back in May this year. The British retail bank cited “challenging market conditions” for limiting profitable growth opportunities in recent years.

 

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Lloyds snaps up Tesco Bank's mortgage book in £3.8bn dealTesco Bank's 23,000 mortgage customers are set to transfer to Halifax once the deal is completed next year.
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Lloyds snaps up Tesco Bank's mortgage book in £3.8bn dealTesco Bank's 23,000 mortgage customers are set to transfer to Halifax once the deal is completed next year.
Source: SkyNews - 🏆 35. / 67 Read more »