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Sainsbury’s Bank axes exclusive broker mortgage deals three weeks after launch

  • 23/11/2017
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Sainsbury’s Bank axes exclusive broker mortgage deals three weeks after launch
Sainsbury’s Bank has scrapped its broker exclusive mortgage range, just three weeks after the products were launched.

The lender this week announced the competitive intermediary-only deals introduced at the end of October had been withdrawn.

The range had included a two-year 1.19% fixed rate at 60% loan to value (LTV), which has been replaced with a 1.19% product available in all channels.

Two five-year intermediary-only fixes at 1.68% on 60% LTV and 1.8% on 75% LTV have also been cut as part of the changes.

At the same time, Sainsbury’s Bank has cut rates across most of its direct to consumer mortgages.

The lender now offers a two-year 80% LTV deal at 1.39% with a £745 product fee or 1.69% with no fee.

As well as a five-year 85% LTV at 2.14% with a £995 product fee or 2.29% with no fee.


Broker-only deals could return

A spokeswoman for Sainsbury’s Bank told Mortgage Solutions the changes were about flexibility and the lender may bring back broker exclusive deals in the future, but it would depend on demand.

She added: “We offer our customers competitive pricing, sometimes this will include broker exclusives.”

Sainsbury’s launched its mortgage range earlier this year and recently added Stonebridge and Mortgage Advice Bureau to its panel. It reported £150m of applications in the first six months of its return to the market.

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