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Mortgages To Join Sandwiches Next Year At Marks & Spencer

Published on Oct 23 2017 9:15 AM in Retail tagged: Trending Posts / M&S / Marks & Spencer / banking

Mortgages To Join Sandwiches Next Year At Marks & Spencer

Britons will be able to pick up one more product when they shop at Marks & Spencer stores next year: home loans.

M&S Bank, owned by HSBC Holdings Plc and run as a joint venture with the food and apparel retailer, will begin offering mortgages in early 2018, it said in a statement Friday. It joins other banks linked to retailers, including Tesco and Sainsbury's, in the home-lending business.

Convenience

The venture may be betting that consumers will opt for the convenience of adding a home loan from a familiar retailer, even as M&S struggles to turn around its apparel operations.

M&S Bank plans to focus on first-time home buyers, who sometimes struggle to secure mortgages given lofty UK valuations, as well as people who move from one house to another, it said.

News by Bloomberg, edited by ESM. Click subscribe to sign up to ESM: The European Supermarket Magazine.

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