Sainsbury's 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's would be leaving the mortgage market after issues with the FSA over the portability of its fixed rates.
Sainsbury's head of products Neil Blake says it has temporarily withdrawn from the mortgage market to make sure its range of mortgage products is as “fresh and compelling” as possible.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's 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's would be returning to the market.