Tesco is planning to move into the mortgage market in the near future, it has been claimed.
According to the supermarket's finance director the mortgage market is increasingly attractive due to the more "rational" pricing in the market.
If Tesco does decide to offer mortgages then it will do so through a Tesco-branded retail bank .
The new mortgage lender will be created when the supermarket buys the other half of its Tesco Personal Finance joint venture which is currently owned by the Royal Bank of Scotland .
According to Tesco, the £1 billion deal should be completed sometime in November.
Yesterday, research by Moneyfacts.co.uk revealed that mortgage lenders cut the number of deals they offer by 11.4 per cent on Monday.
At the start of the day consumers could choose from 3,914 mortgage products, but by Tuesday this had fallen to 3,469.
The financial website claimed this was due to mortgage lenders such as Bradford and Bingley and HBOS cutting deals.
Tesco planning mortgage move
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