Marks & Spencer is planning to take on high street lenders with the launch of its first mortgage range early next year. M&S Bank said the mortgages were aimed at first-time buyers and home movers. The bank – which was launched in 2012 and replaced M&S Money – did not reveal details of the rates […]
Marks & Spencer is planning to take on high street lenders with the launch of its first mortgage range early next year.
M&S Bank said the mortgages were aimed at first-time buyers and home movers.
The bank – which was launched in 2012 and replaced M&S Money – did not reveal details of the rates it plans to offer.
Sue Fox, CEO of M&S Bank, said: “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.
“Many of our customers have shopped with M&S their whole lives, feeling the comfort of the brand at every key life event, from their first day of school, to their first job interview, and every Christmas, wedding and family get-together along the way.
“We’re now in a position to support our customers with the biggest financial decision they’ll ever make – their home.”
David Hollingworth, of mortgage broker L&C Mortgages, said: “M&S is clearly a huge high street brand with real weight behind it in terms of quality and consumer trust. Consumers are used to M&S offering financial products dating back to its original charge and credit card offering and more latterly the establishment of its current account.
“That existing foothold and strength of brand should give M&S a good platform for entering the mortgage market. The fact that it’s backed by HSBC should ensure that it can price sharply which is a must in what remains a fiercely competitive market and in our experience customers are open to new brands if the deal is right for them.”
He said that the number of new entrants in the mortgage market in recent years demonstrated that borrowers will happily take to new brands.
“Challengers like Aldermore, Metro and more recently Atom Bank, are all established brands in the market. Big high street brands have already shown that they have a place as well with Tesco Bank, and more recently Sainsbury’s Bank successfully competing in the mortgage market,” he said.
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