Supermarket giant Tesco has announced its entry into the mortgages market.

The supermarket chain already offer personal finance products such as loans and car insurance.

The company also has a mortgage comparison service, but will now be tempting first-time buyers and those looking to remortgage with low cost deals.

Tesco said that they feel the move into the mortgage market will help to prevent any mortgage lender developing a monopoly in the current economic climate.

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