Tesco has confirmed that it will launch mortgages in the first half of next year.

In its interim results for 2010-11, the supermarket chain revealed that current accounts will be launched after mortgages in the second half of 2011-12.

Tesco Bank had previously announced that it would launch its mortgage range by the end of the year, however speculation surfaced recently that regulatory red tape could delay the launch by 12 months.

However, a Tesco spokesperson has denied this, saying that the supermarket expects permission to launch mortgages to be granted within six months of submitting its request.

“We’re making good progress in the development of other new product launches, including current accounts,” the spokesperson added.

“These will be submitted to the Financial Services Authority in keeping with their existing processes.”

Founded in 1919, Tesco has established itself as one of the largest retailers in the world in terms of both revenues and profits.

Source: http://www.mortgages.co.uk/