The supermarket bank announced plans to launch back into the market earlier in the year and said it chose Computershare’s Loan Services because it had a “real understanding” of the bank’s “business and values.”
Computershare Loan Services’ contract with the bank will run until at least 2022 and will provide both origination and post-completion services for the bank.
This marks the first time Computershare Loan Services, the UK’s largest third-party servicer, has supported the origination of loans on behalf of a non-specialist lender.
Sainsbury’s Bank said it made good progress in developing a range of mortgage products that meet the needs of its customer and will launch its products both directly and through intermediary channels.
The bank first launched into the mortgage market in 1997 working in partnership with Bank of Scotland. However, it ceased selling mortgage products to its customers in 2004 and focused on other areas of the business, including its insurance and savings range, and said it spent time away from the market rebuilding its mortgage brand.
Andrew Jones, chief executive officer at Computershare Loan Services, said it was very proud to have been chosen to provide an end-to-end service in what it believes will become a “significant book of mortgages.”