Asda to sell mortgages

Supermarket giant Asda is to delve into the mortgage market by the end of the year after starting talks with national brokers.

The Times reports the firm is looking to challenge Tesco''s financial services venture and may even introduce an estate agency with local agents.

A range of supermarkets have entered the financial services market in the last few years, with names like Sainsbury''s offering products such as credit cards and savings accounts.

Quoted by the paper, Asda director of new business Gev Lynott said: "We would like to offer a one-stop shop for a good deal on everything by the end of the year, although there is no launch date yet."

ASDA can trace its roots back to the 1920s and won the Grocer 33 award for Britain''s lowest price retailer for the tenth year running in 2007.

In January the firm caused a stir be announcing it would become the first retailer to fine drivers for the misuse of disabled and parent and child spaces in its car parks.

back