NetworkOct 31 2017

Sainsbury’s adds broker networks to panel

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Sainsbury’s adds broker networks to panel

Sainsbury’s Bank has added Mortgage Advice Bureau and Stonebridge Group to its growing panel of mortgage brokers.

The lender, which entered the mortgage market in April this year, recently completed a pilot programme with nationwide broker London & Country.

It aims to continue to grow its broker network and welcome a range of advisers on board over the next 12 months.

Sainsbury’s mortgage range includes two and five-year fixed rate products, and a two-year tracker, with rates starting from 1.34 per cent and loan-to-values (LTVs) of up to 90 per cent. 

Fee and no-fee options are available, alongside flexible features that allow overpayments, underpayments, and payment holidays.

A reward scheme means mortgage customers are also able to earn up to £200 a year in shopping vouchers for two years.

M&S recently became the latest supermarket brand to enter the mortgage arena, pledging to offer products to first-time buyers and home movers direct to customer and via intermediaries.

Catherine More, head of mortgages at Sainsbury’s Bank, said: “We’re one of the few new mortgage entrants to have launched from day one with a broker channel, as well as direct, as we recognise the importance of this channel to our customers.

"We’re delighted that we’re now welcoming two more broker partners on board."

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Mortgage Advice Bureau are delighted to be amongst the first broker groups to have access to the Sainsbury’s Bank mortgage product proposition.

“Sainsbury’s Bank’s entry alongside the growing number of mortgage lenders provides our customers and brokers with even further choice, allowing us to meet the needs of customers who want to buy, move home or refinance their existing arrangements.  

“Sainsbury’s are amongst the most highly recognised and trusted consumer brands and we are sure that they will offer our mortgage customers the same value, service and range of products for which they are so highly regarded.”

simon.allin@ft.com