Tesco to target brokers for the first time

Robyn Hall

February 16, 2015

The Telegraph reports today that the move should come early next year and is likely to substantially expand the business.

Tesco Bank has made more than £1bn worth of home loans since it started selling mortgages two and a half years ago.

In an interview with the Telegraph, Benny Higgins, the chief executive of Tesco Bank, said: “We’ve been [in the direct market] for over two years now, and we realised that while we’re happy with how it’s going, we are only serving a modest proportion of Tesco customers.”

“Whilst it wasnt our intention at the very outset, it is clear to us that over half of Tesco customers are buying mortgages through brokers and that number is increasing under the new regulatory code.”

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