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.