You are here: Home - News -

Sainsbury’s Bank announces 2017 mortgage launch

by:
  • 04/05/2016
  • 0
Sainsbury’s Bank announces 2017 mortgage launch
Sainsbury’s Bank has announced it will launch back into the mortgage market next year following a strong trading performance for the year ended 12 March 2016.

The bank said its underlying profit of £65m, the current strength of its brand, and last year’s positive trading results meant it would be a position to go live with the range in 2017.

In 2016/17, Sainsbury’s expects bank operating profit to be around 10% lower year-on-year due to the investment required to enter the mortgage market.

In April last year, Mortgage Solutions exclusively revealed that Colin Snowdon, known for his work as a specialist mortgage consultant, had been hired by Sainsbury’s to work  on its mortgage project on a short-term basis. Snowdon has since left Sainsbury’s to join Pepper Homeloans, as managing director from 1 February.

Sainsbury’s would not confirm which half year of next year it plans to enter the market but said it has made good progress towards to the development of the range.

There are 0 Comment(s)

You may also be interested in