Get kitted out head to toe, pop in for a meal deal...and pick up a mortgage at the same time! That is the latest option in terms of offerings from Marks & Spencer with the news that it is planning to enter the mortgage market with products aimed at first-time buyers as well as home-movers.
M&S Bank said that, subject to the necessary regulatory approval, it plans to launch its first mortgage early next year, bringing what is described as an "M&S-standard service" to those in need of a home loan.
M&S Bank has announced plans to launch its first mortgage early in 2018, and has confirmed that it will offer products through the broker channel as well as directly.
The bank plans to offer mortgage products for first-time buyers and home movers across a range of terms, with full details expected to be available in the new year.
The announcement arrives as it marks its fifth anniversary as a bank and current account provider, after launching the M&S Bank brand in 2012.
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.
“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. And we know this isn’t just a financial decision – it’s about family, friends and future – and the memories that make up the tapestry of our lives.”
In recent years, several mortgage price wars have broken out as lenders have fought it out for borrowers' business. And in the past few weeks there have been signs of lenders' rates edging up as well as some ultra-low mortgage deals being pulled altogether.