M&S Bank has launched its first mortgage range, with fixed and tracker options available to home movers and customers looking to remortgage, as well as a first time buyer range.
The bank is offering £1,000 cashback exclusively for those purchasing their first home, plus a free valuation. M&S Bank’s first time buyer range includes two and five-year fixed rate and two-year tracker mortgages, from 60 to 90% loan to value (LTV), on terms up to 30 years, with fee-saver options across the range.
M&S Bank will enable up to four borrowers who will live in the property to take out a mortgage together, a feature that can be utilised across M&S Bank’s product range by home movers and those remortgaging.
M&S Bank mortgages will be available directly from M&S Bank and also through the broker channel, starting with London & Country and rolling-out more widely throughout 2018.
Sue Fox, CEO of M&S Bank, said: “The launch of an M&S mortgage is a major milestone for M&S Bank and I’m delighted that customers will now be able to get the M&S-standard service they have come to know and expect from M&S Bank when they make the biggest and most important purchase they will ever make – their home. With this in mind, we have developed a range of solutions to support first time buyers and to assist families with their desire to help loved ones make that critical first step on the property ladder.”
M&S Bank is also offering customers remortgaging with M&S Bank the option to consider additional borrowing, at the same rate and term as their M&S Bank mortgage. This would give them a lump sum which could be ‘gifted’ to a loved one to use towards a house deposit. Customers remortgaging to M&S Bank from another provider will also benefit from fee assisted legal service, which covers the cost of the standard legal work required to remortgage from another lender.
To mark the launch of its first mortgage range, M&S Bank is also announcing that it will be working in partnership with Shelter the housing and homelessness charity, which will see M&S Bank donate £25 to Shelter for every mortgage purchased.
Polly Neate, CEO of Shelter, said: “We are extremely excited about the potential to raise significant funds for Shelter, and want to thank M&S Bank, its employees and customers for this unique opportunity. Together, we can help to make sure no one has to fight bad housing or homelessness on their own.”
Fox added: “We launched M&S Bank to bring the M&S brand values to banking and in line with these values we wanted to mark this key milestone in our history by supporting Shelter with the fantastic work they do in the fight to end homelessness across the UK.”