Tesco enters mortgage market

03 November 2004
High-street giant Tesco has said it is moving into the mortgage market.

The supermarket has said its mortgages will track the Bank of England base rate for the first three years of the loan, and then climb0.99 per cent higher from then on.

"By applying Tesco value and pricing, we believe home-buyers will now have a real money-saving alternative to many of the over-complicated products offered elsewhere," said Alistair Smillie, Tesco's mortgage chief.

Tesco and the Royal Bank of Scotland, owners of Tesco Personal Finance, will back the mortgages.

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