Tesco Bank has confirmed it is on course to launch into the mortgage market this summer, as it aims to become a full-service retail bank.
Tesco Bank would not be drawn on an exact date for the launch, stating it would be subject to gaining regulatory approval.
However, a spokesperson for Tesco Bank revealed the firm was in the advanced stages of the regulatory process and remained in ongoing discussions with the FSA.
She says: "Our plans are on track and, subject to regulatory approval, we anticipate launching mortgages this summer."
Tesco originally announced in April 2010 that it would launch a range of mortgages by the end of last year, alongside new savings products followed by current accounts.
However, it revealed in October last year its plans had been delayed, with a new launch target of H1 2011. It denied the delay had been a result of the level of red tape it was facing from the FSA.
Tesco Bank said it was continuing to work on the detail of its mortgage product range.
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