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Bank expands into the mortgage market
Sainsbury’s Bank has revealed its new range of mortgage products to mark the start of its expansion into the market.
The mortgage products have been especially designed and developed for the Sainsbury’s customer with the bank offering residential home purchase mortgages and remortgages for first-time buyers as well as lending into retirement for certain customers and for the self-employed.
The range of fixed and variable rate products offer flexible features and initially include a two- and five-year fixed rate product along with a two-year tracker with Sainsbury’s offering LTVs of up to 90% and will consider customers aged up to 70 years old.
Sainsbury’s will also be introducing a mortgage that comes with an added shopper reward as both home purchase and remortgages reward shoppers by letting them earn up to £200 a year (in vouchers) off their shopping for two years.
“Mortgages and grocery shopping are some of our customers’ biggest household expenditures and we’re uniquely placed to help them out with both,” said Catherine More, head of mortgages at Sainsbury’s Bank.
“We’ve built our new mortgages in response to our customers’ needs, they told us they wanted to feel supported through the whole process, that they wanted the flexibility to pick the advice that suits them, and to receive a good deal.”
Sainsbury’s added that it would be reviewing and adding to its mortgage range as it looks to launch into the buy-to-let market as well.
Customers can contact Sainsbury’s Bank directly or apply through initial intermediary partner L&C Mortgages.
“We welcome more competition in the mortgage market and particularly from those entrants that have put real customers at the heart of their design,” said David Hollingworth of L&C Mortgages.
“We’re delighted to be working with Sainsbury’s Bank as initial intermediary pilot partner.”
Sainsbury’s stated that the intermediary channel was crucial to its expansion and revealed it would also be partnering with Legal & General’s Mortgage Club with a view to welcoming more brokers on board over the next 12 months.
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