Openwork is the first broker network to join Sainsbury’s distribution network since the bank completed its launch phase with Legal and General partners, which included London and Country Mortgages, Mortgage Advice Bureau, Stonebridge Group, Savills, Alexander Hall, First Mortgage, and Springtide.
A spokeswoman for Sainsbury’s Bank told Mortgage Solutions that it now covers around 20% of the broker market.
Sainsbury’s first launched its mortgage range earlier in 2017, and provides residential home purchase mortgages for first-time buyer (FTBs), remortgages, lending into retirement for selected customers, and mortgages for self-employed borrowers across the UK.
The bank introduced a broker exclusive mortgage range at the end of October last year, but the products were scrapped just three weeks after launch.
Mortgage Solutions understands that Sainsbury’s has “no immediate plans” to reintroduce broker exclusive products, but said that the bank is currently watching the market.
“Our aim is to offer competitive rates and these may well include exclusive broker rates again in the future,” said the spokeswoman.
David Buxton, head of banking at Sainsbury’s Bank commented: “We’re delighted to have a network of Openwork’s scale and standing working with us. Their professional advisors will help the Sainsbury’s customer match their goals with the mortgage that’s right for them.”
Paul Shearman, mortgage proposition director at Openwork, added: “Sainsbury’s Bank offers a strong customer brand and competitively priced mortgage products and will make a great addition to our mortgage offering.
“I am delighted to be adding Sainsbury’s Bank to our panel which delivers the very best of the UK’s lenders.”