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Sainsbury’s Bank takes £150m of applications in six months

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  • 09/11/2017
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Sainsbury’s Bank takes £150m of applications in six months
Sainsbury’s Bank received £150m worth of mortgage applications in the first half of the year after launching its proposition in April.

The lender began by offering products through London and Country, Legal and General Mortgage Club and direct to customers. Last month it added Mortgage Advice Bureau and Stonebridge to its distribution.

Although it was not publishing full lending data yet, a Sainsbury’s Bank spokeswoman said the lender was “delighted with the green shoots of its business and encouraged by the pipeline of applications”.

Overall, according to Sainsbury’s half year results, loan balances at the bank increased by 23% to £5.14bn, due to increases in personal loans and credit card balances and the introduction of mortgages in April 2017.

It added: “While still in pilot phase during the first half, we saw early positive signs in mortgages. We have received approximately £150m in mortgage applications, with a number of our products included in the Moneyfacts Best Buys tables.”

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