Sainsbury's bank stops mortgage lending
Sainsbury’s bank has stopped providing mortgages to new customers. The move follows recent speculation that it will sell its mortgage book for £1.3bn.
The lender re-entered the mortgage market in 2017 and was popular with brokers because it provided cheap residential and buy-to-let fixed rates. A spokesperson for the bank said it was business as usual for existing customers.
Tesco Bank pulled out of the mortgage market earlier this year, blaming “challenging” market conditions.
Aaron Strutt, product director at Trinity Financial, says: “The supermarkets launched into the market thinking they would be able to compete with the big lenders, but they have struggled to make enough money.”
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