Taking no prisoners? Citi starts sale of Tesco mortgages
Tesco Bank is said to have mandated Citi to run a sale process for its £3.7bn book of UK mortgages, after it decided to pull out of the market, blaming cut-throat competition. But the move has drawn attention to a proposed UK law to help ‘mortgage prisoners’, which could stop UK mortgages trading at all, writes Owen Sanderson.
“In recent years, challenging market conditions have limited profitable growth opportunities,” said Gerry Mallon, chief executive at Tesco Bank.
Citi is handling the sale process, GlobalCapital understands. The book is said to be prime owner-occupied mortgages, which have all been originated since 2012, when Tesco entered the market....
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