Tuesday, October 5, 2010

Hopes for housing market dashed as cheaper mortgages at least 12 months away

Tesco mortgage lending delayed as regulator toughens up approval

Government efforts to improve competition in banking are being hampered by a tougher approach from the regulator, with Tesco facing delays to its attempt to launch a home loan business. Tesco is unlikely to meet its target of opening a mortgage lending business this year with the supermarket still awaiting Financial Services Authority approval. Gaining approval could take a further 12 months, according to a report yesterday, in a delay that would be a blow to the Government which is trying to encourage new entrants into the banking market. "The FSA is just being careful. It is a new process and it is very difficult," said a spokesman for Tesco.

Posted by drewster @ 01:00 AM (718 views)
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