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Higgins hints at Tesco mortgages
18 November 2008 16:52
Supermarket chain Tesco could be the latest entrant into the mortgage market after the group's head dropped a major hint.
Speaking to the Times newspaper, the corporation's chief executive Benny Higgins suggested that mortgages could follow in the wake of the retailer launching its in-store bank.
Mr Higgins said that Tesco Personal Finance had previously offered mortgages, but that they had been very unprofitable.
He added that that second quarter of 2009 would undoubtedly see an active remortgage market and whatever the corporation chose to do, it had an obligation to be a responsible lender.
Currently, Tesco is in the closing stages of buying Royal Bank of Scotland out of its equal share joint-venture, Tesco Personal Finance.
Recently, a spokesman for the Homeowners Advice Centre stated that those coming to the end of their base-rate tracker could be in for a shock when they see the present prices of fixed-rate deals.
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