M&S Bank to enter mortgage market

M&S Bank will launch its first mortgage early in 2018. The news is subject to regulatory approval but comes as it marks its fifth anniversary as

M&S Bank will launch its first mortgage early in 2018.

The news is subject to regulatory approval but comes as it marks its fifth anniversary as a bank and current account provider. 

M&S Bank plans to offer mortgage products for first-time buyers, as well as home movers, with “competitive” rates across a range of terms.

Full details will be released in the new year and its loans will be available directly from M&S Bank and also through the broker channel.

Sue Fox, chief executive of M&S Bank, said: “Since launching as a bank just five years ago, the M&S current accounts have proven incredibly popular with customers who want a transparent bank account, with no overdraft charges, and the same great service they have come to know and expect from the M&S brand.

“Many of our customers have shopped with M&S their whole lives, feeling the comfort of the brand at every key life event, from their first day of school, to their first job interview, and every Christmas, wedding and family get-together along the way.

“We’re now in a position to support our customers with the biggest financial decision they’ll ever make – their home.”

M&S Bank launched its first current account in 2012. It followed this with the launch of its first mainstream current account – with no monthly fee – in 2014, which has seen an average annual growth of almost 60 per cent over the last two years.

Carl Shave, director of Just Mortgage Brokers, welcomed the news.

He said: “With a recognised and respected name, M&S looks well placed to enter the mortgage market.

“With a price sensitive industry, however, it will be interesting to see how their products sit in the market, especially where they are to be offered via the broker network who recognise value for their customers over any particular strength a brand name may hold. 

“In my opinion, an addition to the market to add competition and more choice for the consumer is always well received.”

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