British shoppers who buy their groceries at the Tesco supermarket chain can now add mortgages to their shopping carts.
The Wall Street Journal reports that Tesco – which is ranked as the world's third largest retailer by sales – will originate its home loans through its Tesco Bank division, which also offers savings accounts, insurance and credit cards. Borrowers seeking a Tesco mortgage must place a minimum 20% deposit. Loan rates start at 3.89% for a five-year fixed-rate mortgage.
‘The launch of Tesco Bank mortgages is a major milestone toward offering Tesco customers a full retail banking service,’ says Philip Clarke, Tesco CEO.
(Photo courtesy of TalkingRetail.com)