May 21, 2019

Tesco Bank/UK mortgages: house strife

Tesco Bank, which has offered mortgages since 2012, saw "Limited profitable growth opportunities". UK challenger banks such as Tesco Bank were meant to shake up the industry. HSBC, which makes the largest chunk of its profits in Asia, increased its UK mortgage book by 10 per cent to £94.2bn in the year to December. New mortgage lending is not covering the cost of capital at most banks, reckon Barclays analysts. Higher Bank of England interest rates would do more to widen margins.

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