Marks & Spencer banking arm announced plans to launch mortgage range

(qlmbusinessnews.com via telegraph.co.uk – – Fri, 20 Oct 2017) London, Uk – –

You will soon be able to buy a house with Marks & Spencer, after the retail giant’s banking arm announced plans to launch a mortgage range.

The company better known for selling groceries and underwear will roll out its first mortgage products early next year, subject to regulatory approval.

The M&S Bank products will be targeted at both first-time buyers and home movers, with rates and further details to be announced next year.

Sue Fox, chief executive of M&S Bank, said: “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.”

M&S Bank, which launched in 2012 and has four million customers, currently offers credit cards, loans and current accounts. Its number of current account customers has grown 60pc over the last two years.

The bank has its roots in the financial services division of M&S, which was founded in 1985.

It is a joint venture between HSBC and M&S, although it has its own banking licence and its own board. It has 29 branches and over 120 bureaux de change in M&S stores.

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