Tesco Bank mortgages worth £3.8bn bought by Lloyd’s  

September 06, 2019 | Mortages

Written by FinTech Alliance

Tesco Bank mortgages worth £3.8bn bought by Lloyd’s  

Lloyd’s Banking Group has purchased Tesco Bank’s mortgage portfolio.

In Brief:

  • Tesco Bank will move over 23,000 mortgages over to Halifax, a subsidiary of Lloyd’s, by the end of the month.

  • The bank’s UK residential mortgage portfolio is worth £3.8bn.

  • Tesco stopped lending on new mortgages in May and announced plans to sell portfolio.

What does this mean?

The decision to sell to Halifax ends a competition to secure the portfolio which also involved Santander and RBS.

Read more here.

 

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