View more on these topics

Sainsbury’s to re-enter mortgage advice market

Sainsburys-Building-2013-700x450.jpg

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.”

Recommended

​Sainsbury’s takes control of bank from Lloyds for £248m

Supermarket giant Sainsbury’s is to buy out Lloyds Banking Group’s 50 per cent stake in Sainsbury’s Bank in a £248m deal. The joint venture offers products including life insurance, critical illness cover, savings accounts, credit cards and loans. The bank pulled out of the mortgage market in July 2004 to concentrate on other products. Under […]

Sainsbury’s Bank becomes joint venture with HBOS

HBOS has bought an additional 5 per cent of the shareholding in Sainsbury’s Bank for £21m bringing its total ownership to 50 per cent.Sainsbury’s Bank which began trading in February 1997 is now a 50:50 joint venture between HBOS and J Sainsbury.Previously, the ownership structure was 55 per cent Sainsbury’s and 45 per cent HBOS.The […]

Sainsbury’s answers to our protection probe

Q: Are you confident that your customers are aware that buying direct means they do not have access to the Financial Ombudsman Service and potential compensation if they take out the wrong sort of insurance?A: If they need to, customers can still have access to the FOS. You can clarify this with the FOS.Q: Do […]

Investment clock economic update

In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]

Motivation

Solving the UK productivity puzzle

Last week the Office for National Statistics (ONS) produced its latest estimates of UK productivity. These statistics – the first estimates for the 2014 year – should be a wake-up call for business leaders and politicians alike. 

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment