Tesco mortgages to be launched by April.
Tesco Bank’s long anticipated launch into the mortgages market should happen by April this year, according to chief executive, Benny Higgins.
Tesco mortgage products were initially planned for entry into the market at the end of 2010, but product launch had to be delayed on several occasions. The most recent delay being because of problems with migrating existing products onto a new system.
Chief executive, Benny Higgins has said that Tesco Bank now plan to launch their mortgages in the next couple of months. A spokeswoman for Tesco also confirmed that the plan was on course and products would be launched in "the coming months", but said that the bank was not in a position to discuss specific details such as the launch date or product range.
In an interview Mr Higgins brushed off suggestions that Tesco's delayed entry into the mortgages market was due to problems with the FSA. He claimed that the bank have a good relationship with the regulator.
He also confirmed that Tesco Bank will delay the launch of it's current accounts until 2013, advising that the bank is not yet ready to launch into the market.
The bank have chosen to wait until a new, industry-wide switching service is set up by the Payments Council, which must be in place by September 2013. Mr Higgins added that 'Getting it absolutely right at launch is more important than rushing.'
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