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Tesco to enter the mortgage market

Tesco is to enter the mortgage market and launch a current account as part of its plans to grow its financial services arm.

This comes after the news yesterday that the Royal Bank of Scotland has sold its 50 per cent stake in Tesco Personal Finance to its joint venture partner Tesco for £950m.

According to reports, a trial is being run in Glasgow where an area of one of its stores has been turned into a bank with advisers and computer points for customers.

Tesco Personal Finance currently offers home and motor insurance, savings accounts and credit cards.

Money Marketing revealed earlier this year that Asda was also considering a foray into the UK mortgage market.

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