M&S Bank Introduce New Mortgage Range

Fri, 26 Jan 2018

M&S Bank Introduce New Mortgage Range
Customers at M&S can now apply for a mortgage through the establishment's banking arm. The retailer has entered the home loans market, having made the announcement in 2017, and is offering deals to both first-time buyers and people looking to remortgage their home.

Regulators have approved M&S Bank to offer mortgage products with their new range being launched today. Eventually, M&S mortgages will be available to the whole market.

M&S are offering £1,000 cashback and a free valuation, on their mortgage deals which the retailer is hoping will entice first-time buyers into taking out a mortgage with them. Additionally, there is the option for shared ownership mortgages where up to four names can be added on the mortgage. This will particularly appeal to young people who want to venture onto the property ladder with a group of friends or with siblings.

Despite the promising features of the M&S mortgage range, the cheapest rates come with additional product and booking fees. These fees can total more than £1,100, thus wiping out any of the cashback benefits.

M&S have launched their mortgages at rates that compete with other established lenders in the market. The retailer is offering borrowers a two-year fixed rate mortgage at 2.09% for those with a deposit or equity of 2.09%. Furthermore, a five-year mortgage is also being offered with an interest rate of 2.59%.

For property buyers or home movers with a higher deposit, the lowest rate available is 1.39% for a two-year tracker mortgage with a minimum deposit of 40%.

Although M&S customers won't be able to earn points on M&S' Sparks loyalty card scheme, the company will donate £25 to the housing charity Shelter for each mortgage that is purchase.

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