Sainsbury’s brings in Colin Snowdon as it eyes mortgage launch

Sainsbury’s Bank has brought in Colin Snowdon as a consultant to investigate a possible launch into mortgage lending.

Earlier this year, the bank said it was eyeing a launch into the mortgage market but it has stepped up the process by calling on Snowdon, who brought Aldermore to market.

A spokeswoman says: “We are constantly looking at ways to enhance our service, operations and products; offering mortgages is one of a number of options that we are investigating.”

Snowdon was chief executive of specialist lender and Merril Lynch subsidiary Wave Mortgages before it stopped lending in 2008.

He was Aldermore chief executive when it launched into the market in 2009 before leaving to set up a consultancy a year and a half later. In August 2012 he became executive partner of mortgage strategy at Saffron Building Society before leaving in May 2014.

In May 2013, Sainsbury’s bought out Lloyds Banking Group’s 50 per cent stake in Sainsbury’s Bank in a £248m deal. It pulled out of the mortgage market in July 2004 to concentrate on other financial services products.