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Tesco Bank Mortgages No More
Scad
Posts: 38 Forumite
I see that Tesco Bank have pulled their mortgages to new applications and are actively looking to offload their back book to someone else.
After my recent dealings with them and their awful customer service, I can see they have been cutting back on costs for a while.
After my recent dealings with them and their awful customer service, I can see they have been cutting back on costs for a while.
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Comments
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Best for Beans, Sainsburys nextI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Well it's a good job they don't need money in to lend out then, as following the interest rate cut on their CAs many ££££ will be leaving shortly.
That was probably the plan all along!!How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)0 -
Fintech is changing the banking industry. No place for people intensive expansive branch networks anymore. Tesco's is undergoing a stategic change of direction no doubt. Back to basics.0
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Just emailed my broker as I’m awaiting my full mortgage offer! Valuation come back OK and all docs sent. Hope I don’t have to go back to the drawing board!0
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I absolutely won't be surprised if the current accounts are next for the chopping block at Tesco. I think they have shown their hand by cutting the interest rate on it so drastically to try and encourage people to close their accounts of their own accord.0
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When I worked at Tesco, back on 2015, there was a feeling they had never really moved on from RBS's infrastructure and legacy way of doing things.
It was clear that their ambitions to be tech savvy didn't match the systems they had in place.
This in itself obviously won't be why they have pulled out of the mortgage market but it alludes to how seriously they were taking this venture.0
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