Thought leadership

Marks & Spencer is planning to enter the mortgage market early next year, with products aimed at first-time buyers as well as home-movers. M&S Bank said that, subject to regulatory approval, it plans to launch its first mortgage early in 2018, bringing an “M&S-standard service” to those seeking a home loan. It said it plans to offer mortgage products for first-time buyers, as well as home-movers, “with competitive rates across a range of terms”. It has not yet given details of the rates it plans to offer or how big a deposit borrowers will need. M&S Bank said further details will be available in the new year.

The announcement marks the fifth anniversary of the launch of the M&S Bank brand in 2012.

The provider has previously launched into the current account market in recent years, as well as offering other products including credit cards and personal loans. Its bank opening times mirror the opening hours of its stores – including weekends. M&S Bank mortgages will be available directly from M&S Bank and through the broker channel.

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.” Several mortgage price wars have broken out in recent years as lenders have battled for borrowers’ business.

But in the last few weeks there have been signs of lenders’ rates edging up as well as some ultra-low mortgage deals being pulled altogether. Rachel Springall, a finance expert at, said: “It’s exciting to see M&S Bank eyeing up the mortgage market, particularly as they have been hugely competitive in the personal finance arena. “Loyal M&S customers may find it an enticing prospect to have the choice to have all their finance deals with the one brand. “It will be interesting to find out what kind of perks M&S Bank may add on to any mortgage deal, or any extras for existing customers.”

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