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| M&S hopes shoppers will pick up mortgages with ready meals | M&S hopes shoppers will pick up mortgages with ready meals |
| (3 months later) | |
| Rupert Jones | |
| Fri 20 Oct 2017 07.00 BST | |
| Last modified on Sat 2 Dec 2017 17.50 GMT | |
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| You’ll soon be able to pop a Marks & Spencer mortgage into your basket after the retailer’s banking arm revealed it is bringing its trusted brand to the world of home loans. | You’ll soon be able to pop a Marks & Spencer mortgage into your basket after the retailer’s banking arm revealed it is bringing its trusted brand to the world of home loans. |
| M&S Bank on Friday announced it is taking on the main high street banks and lenders by launching its first mortgages early next year. | M&S Bank on Friday announced it is taking on the main high street banks and lenders by launching its first mortgages early next year. |
| While it is too early to say what the rates will be like, M&S Bank says its deals will be available to first-time buyers and home movers (there was no mention of remortgagers), and it is promising “competitive rates across a range of terms”. Full details will be available in the new year. | While it is too early to say what the rates will be like, M&S Bank says its deals will be available to first-time buyers and home movers (there was no mention of remortgagers), and it is promising “competitive rates across a range of terms”. Full details will be available in the new year. |
| Sue Fox, the bank’s chief executive, says: “Many of our customers have shopped with M&S their whole lives, feeling the comfort of the brand at every key life event ... We’re now in a position to support our customers with the biggest financial decision they’ll ever make – their home.” | Sue Fox, the bank’s chief executive, says: “Many of our customers have shopped with M&S their whole lives, feeling the comfort of the brand at every key life event ... We’re now in a position to support our customers with the biggest financial decision they’ll ever make – their home.” |
| However, not everyone will be aware that while M&S Bank is run as a joint venture between Marks & Spencer and HSBC, it is wholly owned by the latter. Its predecessor, M&S Money, was set up by the retailer in 1985 and bought by HSBC in 2004. However, M&S Bank is a separate legal entity with its own banking licence and board. | However, not everyone will be aware that while M&S Bank is run as a joint venture between Marks & Spencer and HSBC, it is wholly owned by the latter. Its predecessor, M&S Money, was set up by the retailer in 1985 and bought by HSBC in 2004. However, M&S Bank is a separate legal entity with its own banking licence and board. |
| Of course, M&S isn’t the only big-name retailer in the mortgage market: Sainsbury’s Bank re-entered the sector in April this year after a long absence, while Tesco’s banking arm has been making waves for a while. | Of course, M&S isn’t the only big-name retailer in the mortgage market: Sainsbury’s Bank re-entered the sector in April this year after a long absence, while Tesco’s banking arm has been making waves for a while. |
| While M&S shops are known for their quality fare, you don’t necessarily go there for bargains – but to make a success of its mortgages, the company will need to price competitively. However, David Hollingworth at broker firm London & Country says: “There’s nothing to suggest they won’t come in with a well-priced range of mortgage deals.” He points out that its backer HSBC is well-known for offering competitive rates. | While M&S shops are known for their quality fare, you don’t necessarily go there for bargains – but to make a success of its mortgages, the company will need to price competitively. However, David Hollingworth at broker firm London & Country says: “There’s nothing to suggest they won’t come in with a well-priced range of mortgage deals.” He points out that its backer HSBC is well-known for offering competitive rates. |
| M&S Bank has announced no firm date for the launch yet – all it is saying is “early in 2018”. | M&S Bank has announced no firm date for the launch yet – all it is saying is “early in 2018”. |
| M&S mortgages will be available directly from the banking arm and via brokers. The move means M&S Bank will be a “full-service bank” - it already offers current accounts, credit cards, loans, savings accounts, general insurance products and travel money. There are 29 in-store M&S Bank branches, and it services almost 4 million customers. | M&S mortgages will be available directly from the banking arm and via brokers. The move means M&S Bank will be a “full-service bank” - it already offers current accounts, credit cards, loans, savings accounts, general insurance products and travel money. There are 29 in-store M&S Bank branches, and it services almost 4 million customers. |
| Mortgages | |
| Consumer affairs | |
| Property | |
| Marks & Spencer | |
| Retail industry | |
| Banking | |
| news | |
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