This announcement follows last month’s appointment of Openwork and comes just days after the bank extended its maximum loan to value to 95% on three new first time buyer products and increased its mortgage term to 35 years, for both first time buyers and home movers.
The appointment of Sesame, one of the largest and most established adviser network in the UK, takes M&S Bank’s intermediary partnerships to four, following the launch of its first mortgage range early this year.
Paul Stokes, head of products, M&S Bank said:
“Over the last few months we have not only enhanced our support for first time buyers with the increase of 95% loan to value and a 35-year term, but we’ve also continued to add new partners to our broker network.
“Our appointment of Sesame is great news and is testament to our commitment to continuing to expand our intermediary channel to enable even more customers to get the M&S-standard service they have come to know and expect from the brand, when they make the most important purchase they’ll ever make – their home.”
Jane Benjamin, Director, Mortgages at Sesame commented:
‘We are delighted to be working with M&S Bank and offer its competitive range of mortgage products to our members and their customers.”
M&S Bank launched its first mortgage range at the end of January this year. In addition to a number of fixed and tracker options available to home movers and customers looking to remortgage, it offers a first time buyer range offering 95% loan to value, a 35-year maximum term, a free valuation and £1,000 cashback. All of M&S Bank Mortgages also enable up to four borrowers who will live in the property to take out a mortgage together, ideal for a group of friends or siblings who want to realise their dream of home ownership.
M&S Bank is working in partnership with Shelter, the housing and homeless charity. As part of this, it will donate £25 to Shelter for every M&S Bank Mortgage purchased* across both its direct and broker channels.
Notes to Editors:
* For each M&S Bank Mortgage product, £25 +VAT will be paid to Shelter Trading Limited which donates its taxable profits to Shelter the National Campaign for Homeless People Limited (Registered Charity Number 263710).
M&S Bank tracker mortgage customers can make unlimited overpayments and customers on M&S Bank fixed rate mortgages can make overpayments of up to 10% of their outstanding balance each year during the fixed rate period without incurring an early repayment charge. After their fixed rate period ends, customers will revert to M&S Bank’s standard variable rate which is currently 3.94%.
There are a fee and fee saver options on each mortgage product. ‘Fee saver’ means no booking fee, no product fee and no completion fee. We will cover the cost of one standard valuation where this is required by M&S Bank as part of your mortgage application. Other fees and charges may be payable to other parties including, but not limited to legal fees and charges levied by your existing lender. Customers taking out the ‘with fee’ product options will pay a £995 product fee, £99 booking fee and a £30 completion fee.