M&S Bank launches into mortgage market

The mortgage range consists of fixed and tracker options for home movers, first-time buyers and those remortgaging. M&S Bank Mortgages will be availab

The mortgage range consists of fixed and tracker options for home movers, first-time buyers and those remortgaging.

M&S Bank Mortgages will be available directly from M&S Bank, via the telephone and through the broker channel, starting with London & Country and rolling-out more widely throughout 2018.

Mortgage range

For first-time buyers, M&S Bank is offering £1,000 cashback plus a free valuation. The range includes two- and five-year fixed rate and two-year tracker mortgages, from 60% to 90% loan-to-value on terms up to 30 years, with fee-saver options available.

M&S Bank will allow up to four borrowers living in the property to take out a mortgage together and this applies to first-time buyers, home movers and those remortgaging.

Remortgaging customers also have the option to consider additional borrowing, at the same rate and term as their M&S Bank mortgage. This would give them a lump sum which could be ‘gifted’ to a loved one to use towards a house deposit.

Customers remortgaging to M&S Bank from another provider will also benefit from fee assisted legal service, which covers the cost of the standard legal work required to remortgage from another lender.

Sue Fox, CEO of M&S Bank, said: “The launch of an M&S mortgage is a major milestone for M&S Bank and I’m delighted that customers will now be able to get the M&S-standard service they have come to know and expect from M&S Bank when they make the biggest and most important purchase they will ever make – their home.”

Donation to Shelter

To mark the launch of its first mortgage range, M&S Bank is also working in partnership with Shelter and will Bank donate £25 to the housing and homelessness charity for every mortgage purchased.

Polly Neate, CEO of Shelter, said: “We are extremely excited about the potential to raise significant funds for Shelter, and want to thank M&S Bank, its employees and customers for this unique opportunity. Together, we can help to make sure no one has to fight bad housing or homelessness on their own.”

Joint venture with HSBC

M&S Money was set up in 1985 as the financial services division of Marks and Spencer. In November 2004, HSBC bought 100% of the share capital of Marks and Spencer Retail Financial Services Holdings Limited.

In 2012 M&S Bank was set up on the foundations of M&S Money and operates as a joint venture arrangement between HSBC and Marks & Spencer, although M&S Bank has its own banking licence and its own board.

M&S Bank offers a broad range of financial products, including current accounts, credit card, loans, savings, general insurance products and travel money. The bank has 29 branches, over 120 bureaux de change located in M&S stores across the UK and services almost four million customers.

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