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Sainsbury’s Bank launches back into mortgages starting at 1.34%

  • 10/04/2017
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Sainsbury’s Bank launches back into mortgages starting at 1.34%
Sainsbury’s Bank has launched its mortgage range direct to consumers and through London and Country and Legal and General Mortgage Club with rates starting at 1.34%.

The range includes fee-free products. Remortgage customers will benefit from fee-assisted valuations and legal advice.

The bank will offer residential home purchase mortgages for first-time buyers, remortgages, lending into retirement for selected customers and mortgages for self-employed borrowers, across the whole of the UK.

The launch marks the start of the bank’s expansion into the mortgage market. Over time it will review the range and add to it, which will include launching buy to let as well as refining its entry product offers.

Customers can contact the bank direct over the phone and speak to its team of mortgage advisers or apply through the intermediary pilot partners which have been selected to establish its intermediary presence.

It plans to add more brokers to its panel over the next twelve months.

The new range includes a two (fee and no fee options), and five-year fixed rate product, and a two-year tracker with with loan-to-values of up to 90%. It will consider customers aged up to 70 years old. The mortgages come with flexible features that allow overpayments, underpayments, and payment holidays.

The bank is introducing a mortgage which comes with a shopper reward. Both home purchase and remortgages include a reward scheme for supermarket customers. The mortgages reward the customer loyalty of Sainsbury’s shoppers, by letting them earn up to £200 a year in vouchers off their shopping, for two years.

Catherine More, head of mortgages Sainsbury’s Bank, said: “Mortgages and grocery shopping are some of our customers’ biggest household expenditures and we’re uniquely placed to help them out with both. Our customers asked us for choice and flexibility and our product features, as well as various advice options, give them just that.”

Andrew Hagger of Moneycomms said: “It is good to see a provider entering the mortgage market with such a competitively priced range of products across the full range of LTVs. The added bonus of a shopper reward is an innovative move that makes the deal even more appealing for Sainsbury’s shoppers – the option to earn up to £400 vouchers off shopping over two years is not to be sniffed at.”

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