M&S to offer mortgages to banking customers


Marks & Spencer has announced it would start selling mortgages to its banking customers amid efforts to expand its offering in the wake of its struggling fashion arm.

The new service will be available from early next year, should it be approved by regulatory bodies.

Although its mortgage rates are yet to be announced, the products will reportedly be targeted at both first-time buyers and established home movers.

Its banking arm has enjoyed a 60 per cent rise in current account holders over the past two years and has a customer base of around four million.

The banking arm is an extension of M&S’s financial service set up in the mid-1980s, and now has over 29 branches and 120 bureaux de changes in M&S stores.

“Many of our customers have shopped with M&S their whole lives, feeling the comfort of the brand at every key life event,” M&S Bank chief executive Sue Fox said.

“We’re now in a position to support our customers with the biggest financial decision they’ll ever make – their home.”

Click here to follow Retail Gazette on LinkedIn