M&S Bank - this is not just ANY mortgage, it's a Marks and Spencer mortgage from 2018
M&S BANK will be entering the mortgage market early next year, launching at the beginning of 2018.
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Marks & Spencer Bank mortgage products will be aimed at first-time buyers as well as home-movers.
The company said, subject to regulatory approval, it plans to launch its first mortgage early in 2018.
And, typically, it won't just be any mortgage but an "M&S-standard service" to those seeking a home loan.
There are no details of the rates it plans to offer - further details will be available in the new year.
M&S Bank: Mortgages will be on offer at Marks and Spencer from 2018
M&S Banks: The brand is renowned for quality across all departments
Marks and Spencer mortgages are going to be an M&S-standard service
Sue Fox, chief executive of M&S Bank, said: "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."
David Hollingworthtold, Associate Director at L&C, told Express.co.uk the "existing foothold" M&S has on the highstreet bodes well for the new initiative.
He said: “M&S is clearly a huge high street brand with real weight behind it in terms of quality and consumer trust.
"Consumers are well used to M&S offering financial products dating back to its original charge and credit card offering and more latterly the establishment of its current account.
M&S Bank: The highstreet company will apply its impressive service to mortgages too
"That existing foothold and strength of brand should give M&S a good platform for entering the mortgage market.
"The fact that it’s backed by HSBC should ensure that it can price sharply which is a must in what remains a fiercely competitive market and in our experience customers are open to new brands if the deal is right for them."
He explained there had been a number of new entrants in the mortgage market in recent years and that demonstrates today’s borrowers will "happily" take to new brands.
He said: "Challengers like Aldermore, Metro and more recently Atom Bank, are all established brands in the market.
"Big high street brands have already shown that they have a place as well with Tesco Bank, and more recently Sainsbury’s Bank successfully competing in the mortgage market."