Sainsbury’s Bank partners with L&G and L&C for mortgage launch

Sainsbury’s Bank has revealed details of its mortgage range, which has been launched in partnership with Legal and General Mortgage Club and London & Country Mortgages.

Mortgage Strategy last year revealed that the Bank was looking to re-enter the mortgage market in the first half of 2017, after a 12 year absence.

The bank has now confirmed that it will offer residential mortgages and remortgages for first-time buyers, lending into retirement and for the self-employed across the UK.

Products will be offered both direct and through intermediary pilot partners L&C, who the banks says will “help us establish our broker footing.”

The bank is also partnering with Legal and General Mortgage Club and will look to work with additional brokers over the next 12 months.

The new mortgage range includes a two and five-year fixed rate deal, a two-year tracker and LTVs of up to 90 per cent. Customers aged up to 70 will be considered for deals and flexible features are offered including allowing overpayments, underpayments and payment holidays.

The supermarket giant and bank will also introduce a shopper reward for home purchase and remortgages.

Sainsbury’s Bank head of mortgages Catherine More says:The launch marks the start of our expansion into the mortgage market. Over time we will review and add to our mortgage range, this will include launching buy-to-let as well as refining our entry product offers.”

L&C Mortgages’ David Hollingworth, says: “We are absolutely delighted to work with Sainsbury’s Bank and to help support the launch of its mortgage proposition into the market.

“Its commitment to the intermediary channel is clear and underlines its intention to be a major mortgage brand.  The launch of a new, significant player like Sainsbury’s Bank can only help brokers and their customers, providing greater choice to those seeking quality, good value mortgage solutions.”