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Sainsbury&#39s pulls out of mortgage market

Sainsbury&#39s Bank has pulled out of the mortgage market although it denies this is due to insufficient interest from customers, claiming it has taken a step back to look at its product range.

The bank is no longer selling mortgages to new customers but it is concentrating on other financial products such as loans, credit cards, insurance and savings accounts.

Money Marketing reported in April that Sainsbury&#39s would be leaving the mortgage market after issues with the FSA over the portability of its fixed rates.

Sainsbury&#39s head of products Neil Blake says it has temporarily withdrawn from the mortgage market to make sure its range of mortgage products is as “fresh and compelling” as possible.

Blake says Sainsbury&#39s current range provides excellent value and denied that there had been a lack of interest. However, he could not put a date on when Sainsbury&#39s would be returning to the market.


Bright Grey £9.3m new business in six months

Bright Grey, the Edinburgh based protection provider has announced it has written £9.3m in new business according to its half-year new business results, more than double the new business written in 2003. Its underwriting has expanded from 4 underwriters to 32 since the company&#39s inception in March 2003 and employee numbers have more than doubled […]

Pink launches exclusive self-cert tracker

Pink Home Loans is currently offering an exclusive flexible self-cert tracker as part of its branded lending range funded by Platform. The product tracks the Bank of England base rate plus 0.99 per cent for the full term of the mortgage, offering an initial pay rate of 5.49 per cent. The flexible tracker offers flexible […]


When Sir Robert Sykes delivered the findings of the Restoring Trust report and said it was the financial services industry&#39s last chance to get its act together, he was sending a strong message to the industry. Rather than take such an alarmist view, I would prefer to look at it along the lines of us […]

BDS Mortgage Group receives MTA

BDS Mortgage Group has announced it has received its minded to approve letter from the FSA. The MTA covers all categories applied for and BDS hopes to receive full authorisation no earlier than August 2004. Group head of compliance Bruce Collins says: “This is fantastic news. We worked hard to submit our application in advance […]

What's going on in the 'offshore' world?

Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]


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