Tesco Bank mortgages 'will be simple'

Date:Thursday 21st October 2010
Author: Max Freedman

Simplicity will be one of the main aims of the Tesco Bank mortgages being put together by the firm alongside partner new Vertex.

This is the view of chief executive of Tesco Bank Benny Higgins, who announced that the firm intends to submit proposals to the Financial Services Authority in November.

He said: "We are focused on designing mortgage products that are consistent with the Tesco brand; namely, products that are simple, transparent and reward customer loyalty."

Mr Higgins claimed that work on the Tesco Bank mortgages is progressing well, with the plan being to introduce the first home finance options early next summer.

His comments were made after the firm announced that a five-year deal has been agreed with Vertex, which will see 200 jobs created in Glasgow's Atlantic Quay.

Another partnership recently agreed by Tesco Bank is with Fortis UK, with the organisations strengthening their ties in relation to the provision of travel insurance.