M&S Bank launches with ranges enabling buyers to group up
M&S Bank has launched with products allowing up to four borrowers who live in the property to take out a mortgage together.
The lender has launched product ranges for first-time buyers, homebuyers and remortgagors. People will be able to buy together with all three ranges.
M&S Bank’s offering will be available initially through London & Country, before being rolled out more widely in 2018.
Sue Fox, chief executive 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.”
First-time buyer products come with £1,000 cashback up to 90% loan-to-value and include 2-year fixes at 2.09% with a £995 fee and 2.49% with no fee, as well as 5-year fixes at 2.59% with a £995 fee and 2.79% with no fee. Also available are 2-year trackers at 1.99% with a £995 fee and 2.39% with no fee.
Homebuyer and remortgage products both have fee free and fee (£995) options, while all of the mortgages come with a free valuation.