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Tesco mortgage offering delayed

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by Gill Montia

Tesco may have to delay its entrance into the UK mortgage market because the Financial Services Authority (FSA) is still mulling over its application for regulatory approval.

According to reports, the FSA’s more stringent approach to mortgage lenders is likely to mean that the Tesco home loan will not be available this year, as planned.

The supermarket giant first revealed its ambitions as a mortgage lender in 2008 and has since renamed its personal finance unit Tesco Bank.

Earlier this year, the retailer progressed plans to expand into property development with a vision of creating four “mini-villages” in South East England, each with a Tesco supermarket at its heart.

Plans have been drawn up for Bromley-By-Bow, Dartford, Woolwich and Streatham.

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News posted: October 4, 2010

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