Economy

M&S Bank to launch mortgage range through intermediaries

From next year not only will M&S (LON:MKS) provide you with meal deals, clothing and furniture but are introducing a range of mortgages.

"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". While the rates have not yet been specified, the bank has said that its deals will be available to first-time buyers and home movers, and that it is promising "competitive rates across a range of terms".

She added that numerous store's customers had shopped with M&S their whole lives. The bank has been in operation since 2012, after gaining a license from United Kingdom watchdogs. The former chief Sir Stuart Rose was anxious that it could damage the reputable brand.

Deutsche Bank reiterated its "hold" rating on the blue-chip retailer this week, without specifying a price target on the shares.

"Tesco and Sainsbury's are testament to the fact that high street names can compete successfully", he added.

Brokers already expect the strong brand recognition to prove a popular choice with borrowers and the wider broker market.

The banking arm is an extension of M&S's financial service set up in the mid-1980's, and now has over 29 branches and 120 bureaux de change's in M&S stores.

The provider has previously launched into the current account market in recent years, as well as offering other products including credit cards and personal loans.

M&S Bank has announced plans to launch its first mortgage early in 2018, confirming that it will offer products through the broker channel as well as direct.

M&S Bank was launched in 2012, evolving from M&S Money, and now serves nearly four million customers.



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