Sainsbury’s Bank has confirmed that it will re-enter the mortgage market in the first half of 2017, saying it has “made good progress with developing its mortgage proposition.”
Money Marketing sister title Mortgage Strategy revealed in April that Sainsbury’s was planning to re-enter the market after an absence of 12 years and was in talks with brokers about distribution.
It will offer products through both direct and intermediary channels.
Third-party servicer Computershare Loan Services has been selected to provide mortgage administration services for the suite of products currently being designed.
Sainsbury’s Bank chief executive Peter Griffiths says, “We are designing a range of mortgage products especially for the Sainsbury’s customer. Computershare demonstrated a real understanding of our business and values, enabling us to be certain that together we can best serve our customers’ needs.”
Computershare will provide origination and post-completion services for Sainsbury’s Bank’s new book of mortgages when they are launched next year.
Chief executive Andrew Jones says: “Sainsbury’s is an all-star household name and its decision to provide mortgages is a significant industry development. We’re very proud to have been chosen to provide an end-to-end service for what will become a significant book of mortgages as a result of our decades of experience, advanced expertise, innovation and reliability.”