Marks & Spencer share price: Retailer’s banking arm to introduce mortgages

Marks & Spencer Group’s (LON:MKS) banking unit is taking on the main high street banks and lenders by launching its first mortgages early next year, t

Marks & Spencer share price: Retailer’s banking arm to introduce mortgages

Marks & Spencer Group’s (LON:MKS) banking unit is taking on the main high street banks and lenders by launching its first mortgages early next year, the Guardian has reported. The move will see M&S Bank compete with Tesco’s (LON:TSCO) and Sainsbury’s (LON:SBRY) banking divisions by offering home loans at ‘competitive rates’.

Marks & Spencer’s share price has slipped marginally lower in London in today’s session, having lost 0.26 percent to 345.80p as of 15:32 BST, underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.12 percent higher at 7,531.87 points. The group’s shares have added more than two percent to their value over the past year, but are down by a little over one percent in the year-to-date.

M&S Bank to launch mortgages

The Guardian reported today that M&S Bank had said that it was bringing its brand to the world of home loans. While the rates have not yet been specified, the bank has said that its deals will be available to first-time buyers and home movers, and that it is promising “competitive rates across a range of terms”. Full details will be available in the new year.

COMMENTS