Sainsbury’s Bank ditches tracker mortgages

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Sainbsury’s Bank has pulled its range of tracker mortgages, and is reducing rates on selected fixed-rate deals. 

The bank says this decision was in response to customer demand. It will now focus solely on fixed-rate products.

As well as re-pricing rates, Sainsbury’s is also introducing some higher cashback options on its 95 per cent LTV mortgages.

These new deals include a two-year fix at 3.69 per cent for those purchasing at 95 per cent LTV. This has no product fee and a £1,000 cashback.

Sainsbury’s is also offering a five-year fix at 3.59 per cent. Again this is for purchases at 95 per cent LTV. This longer-term fix offers £500 cashback and no product fee.

Rate cuts include a reduction to its two-year purchase rate at 90 per cent LTV. This will now charge a rate of 2.06 per cent, with no product fee and £250 cashback. Previously this charged a rate of 2.24 per cent.

In its five-year purchase range Sainsbury’s has reduced rates at 60 per cent, 75 per cent and 90 per cent LTV. At 60 per cent it is charging 1.89 per cent, with a £995 fee, or 2.09 per cent with no product fee. Previously it charged 1.94 per cent (with the same fee) and 2.11 per cent without a fee.

The bank has also lowered rates on selected remortgage products. These include its two-year fix at 90 per cent LTV. This will now charge a rate of 2.06 per cent (again with no product fee and £250 cashback). Previously this was priced at 2.24 per cent.

It has cut rates across its five-year fixed rate remortgage range, with rates again starting from 1.89 per cent at 60 per cent LTV. Again this was 1.94 per cent prior to this change.

All residential end dates are rolled forward to 30 September 2020 for two-year products and 30 September2023 for five-year products.

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