M&S Bank has launched its first mortgage range, including fixed and tracker options for purchase and remortgage.
The supermarket bank revealed last year that it would be introducing a mortgage range in 2018, on the foundations of M&S Money.
It will offer mortgages direct to consumers and through mortgage brokers, beginning with London and Country and expanding to other channels later this year.
The bank has introduced a range focused on first-time buyers, offering £1,000 cashback and a free valuation. The range includes two and five-year fixed rate and two-year tracker mortgages from 60 to 90 per cent LTV.
M&S Bank will also allow up to four borrowers who will live in the property to take out a mortgage together.
Housing and homelessness charity Shelter has been chosen as a partner by M&S Bank and £25 will be donated to the cause for every mortgage purchased.
M&S Bank chief executive Sue Fox says: “We launched M&S Bank to bring the M&S brand values to banking and in line with these values we wanted to mark this key milestone in our history by supporting Shelter with the fantastic work they do in the fight to end homelessness across the UK.”
M&S Bank’s range includes the products highlighted below.
First time buyer range sample rates:
|Product||LTV*||Max term||Fee||Rate||Cashback||Free valuation||Cost to customer including cashback|
|2 year fixed||90% LTV||30 years||£995||2.09%||£1,000||Included||2.09%|
|2 year fixed – fee saver||90% LTV||30 years||N/A||2.49%||£1,000||Included||2.10%|
|5 year fixed||90% LTV||30 years||£995||2.59%||£1,000||Included||2.59%|
|5 year fixed – fee saver||90% LTV||30 years||N/A||2.79%||£1,000||Included||2.62%|
|2 year tracker||90% LTV||30 years||£995||1.99%||£1,000||Included||1.99%|
|2 year tracker – fee saver||90% LTV||30 years||N/A||2.39%||£1,000||Included||1.96%|
Homebuyer range sample rates:
|Product||LTV*||Max term||Free valuation||Rate on fee option (£995)||Rate on fee-saver option|
|2 year fixed||80%||30 years||Included||1.69%||2.09%|
|5 year fixed||80%||30 years||Included||2.09%||2.29%|
|2 year tracker||80%||30 years||Included||1.59%||1.99%|
Remortgage range sample rates:
|Product||LTV*||Max term||Free valuation||Fee assisted legal service||Rate on fee option (£995)||Rate on fee-saver option|
|2 year fixed||80%||30 years||Included||Included||1.69%||2.09%|
|5 year fixed||80%||30 years||Included||Included||2.09%||2.29%|
|2 year tracker||80%||30 years||Included||Included||1.59%||1.99%|