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June 5, 2014updated 04 Apr 2017 12:56pm

Tesco Bank mortgage balances increases to £700m

UK-based Tesco Bank has increased its mortgage balances to £700m at the end of 2013, since entering into the sector 18 months ago in August 2012.

UK-based Tesco Bank has increased its mortgage balances to £700m at the end of 2013, since entering into the sector 18 months ago in August 2012.

The retail bank, which lent £442m of mortgages during the last 12 months, said that mortgage sales in the three months to May 2014 across the Tesco Bank range were 3.6% up on the same period last year, as reported by mortgagesolutions.co.uk.

According to the latest trading statement, the British lender completed 4,000 mortgages since launch with an average loan size of £170,000.

The bank said that the average loan-to-value ratio across its book was just more than 50%.

Furthermore, the data revealed that the bank registered 86% of online product sales across all areas of its banking business, encompassing mortgages, credit cards, savings and other loans.

Across all these sectors the number of customer accounts rose 14% to seven million.

During the financial year, Tesco Bank booked a £194m trading profit on revenues of £1bn.

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