Sainsbury's Bank has partnered with London and Country (L&C) and Legal and General Mortgage Club (L&G) to re-enter the mortgage market, after an absence of over 12 years. Sainsbury's previously offered mortgages when its bank was jointly owned with Bank of Scotland.
The mortgages will be available direct to Sainsbury's customers and through intermediary pilot partners such as L&C. The partnerships are essentially the means for Sainsbury's Bank to offer its products through the mortgage intermediary market rather than traditional "affinity" relationships. It is expected that a number of other mortgage brokers will be used to bolster distribution in the next 12 months.
Sainsbury's Bank has also suggested that one of its USPs, will be that customers will benefit from shopping rewards through its Nectar loyalty programme.