M&S to enter the mortgage market

23 Oct, 2017

23 Oct 2017 M&S Bank has just announced that it plans to offer mortgages to personal customers from early 2018.

Sue Fox, CEO of M&S Bank, said: “Since launching as a bank just five years ago, the M&S current accounts have proven incredibly popular with customers who want a transparent bank account, with no overdraft charges, and the same great service they have come to know and expect from the M&S brand. We’re incredibly excited to be able to bring this M&S-standard service to customers purchasing a home, whether they’re making their first or final step on the property ladder, and for every move in-between.

Andrew Hagger, Personal Finance Expert from Moneycomms said: “M&S Bank has been a major player in the personal loans market for many years and frequently features at the top of the best buys, – if you were looking to borrow £10k today M&S Bank is joint cheapest at 2.8% APR with Sainsbury’s Bank.”
“It is following a similar path as the other ‘Supermarket Banks’ which started with savings, credit cards and loans before dipping a toe in the mortgage market – Tesco Bank launched mortgages in August 2012 and Sainsbury’s Bank in April this year.”
“If M&S offers similar mortgage pricing to its supermarket rivals then it won’t be far away from the top of the best buys – but it is a cut throat market and price tends to be the key driver.”