Tesco delays entry into UK mortgage market
Tesco, the leading UK supermarket group, has confirmed plans to enter the UK mortgage market in the first quarter of 2011 have now been delayed until the summer of 2011. It seems that a number of regulatory issues and the company's inability to put together a transparent and user-friendly mortgage operation have forced the slight delay. The company is adamant that the new service will be more transparent than anything on the market at the moment and more user-friendly. If this is the case, then a wait of just a few months may well be worth the wait for UK house buyers?
Competition in the UK mortgage market continues to build despite the fact that the UK property sector is still under pressure. We have seen some overseas companies attacking the UK market with many trying to take advantage of the disdain between current mortgage lenders in the UK and UK property buyers. Whether the new entrants to the UK mortgage market will be able to loosen their purse strings, at a time when traditional mortgage lenders have tightened their own purse strings, remains to be seen but this could be the difference between a move to a new era, or a return to the old era.
Share this..
Related stories
Interest rate falls will "ease the pressure" of credit crunch
With mortgage lenders "tightening their criteria" as a result of the global credit crunch, it is becoming "more difficult" for borrowers to obtain adverse credit mortgages, the Council of Mortgage Lenders (CML) said However, CML spokesperson Sarah Robson predicted that with interest rates predicted to fall from 5.75 per cent to five per cent by mid 2008, the situation could well improve.She explai...
Read MoreWhat to do with your mortgage payment savings
While there is no doubt that mortgage rates in the UK have not been reduced in line with UK base rates we have seen a number of reductions over the last few months. As money becomes tighter across the UK more and more people are now wondering how best they can use this additional income which has been saved. So how can your reduced mortgage payments benefit you into the future?
The...
Customer service letting lenders down
Over 2.2 million borrowers in the UK say that they are unhappy with the customer service of their mortgage company, according to checkmyfile.This sees an increase of over 20 per cent in dissatisfied customers since last year, when 58 per cent of borrowers said the customer service provided by their mortgage company was actually either "very good" or excellent".A survey this year showed that poor c...
Read MoreWho will finance mortgages for the self-employed?
As the UK mortgage market readies itself for major changes in the future there is concern about those in the self-employed arena and the fact they may not be able to obtain mortgage funding in the future. The effective banning of self certified mortgages, whereby customers certify their own income, is a major blow to the self-employed and could indeed stop many people from entering the housing mar...
Read More