Sainsbury’s Bank welcomes Sesame to its growing broker panel

We are pleased to announce that Sesame has joined our growing family of broker partners. 

Sesame is one of the largest and longest established adviser networks in the UK and is part of Sesame Bankhall Group, one of the largest distributors of financial advice in the UK. It will help us to reach a wider number of homeowners, potential homeowners and landlords

Sesame is our latest partner, joining a broker panel that already includes Intrinsic, Openwork, and L&G partners, L&C Mortgages, Mortgage Advice Bureau, Stonebridge Group, Alexander Hall, Springtide, First Mortgage Direct and SPF.


David Buxton, Head of Banking, Sainsbury’s Bank, said: 

“We place a real importance in the broker channel with brokers sitting at the heart of everything we do. We’re delighted to welcome Sesame who bring with them such heritage and experience.”

Sainsbury’s Bank offers a range of competitive mortgages for homeowners across the UK with flexible features that allow overpayments, underpayments, and payment holidays.  The Bank also offers Sainsbury’s shoppers a loyalty reward (2).


Jane Benjamin, Director, Mortgages at SBG, said: 

“Sainsbury’s Bank has built a solid reputation amongst mortgage intermediaries based on its customer-focused approach and competitive range of mortgage products. We are very pleased to be working in partnership with Sainsbury’s Bank and I am sure that this latest addition to our comprehensive lender panel will be welcomed by Sesame members.”

For further information customers can visit www.Sainsburysbank.co.uk/mortgages


Notes

(1) Terms & Conditions apply to all our flexible features.

Overpayments
Sainsbury’s Bank offer customers the opportunity to make additional payments to their mortgage on top of the regular payment. The mortgage holder is permitted to overpay on a regular basis or as a one off. During the initial Fixed or Tracker rate period Sainsbury’s Bank will allow up to 10% of the outstanding loan amount to be repaid within each 12 month anniversary period without charge. If the total amount overpaid during this period exceeds 10%, they will only a charge on the proportion in excess of the 10% allowance. The details of any charge to be applied will be confirmed in the customer’s offer and will vary by product. Upon receipt of an overpayment the amount reduce the balance and interest due from the day of receipt, however Sainsbury’s Bank will not automatically adjust the mortgage payments resulting in the customer paying off a bit more of the balance each month until the payments are recalculated either by customer request or other event such as a rate change. Customers can make unlimited overpayments without charge when the mortgage loan is on the bank’s Standard Variable Rate. Any overpayments made will be held in reserve, given the customer the option to request to underpay against future payments.

Underpayments / Payment Holiday
If a customer has overpaid at any point, then Sainsbury’s Bank will allow for some flexibility to reduce their monthly payments in part (underpayment) or in full (payment holiday). Customers will be able to request to reduce their monthly payments subject to the amount previously overpaid, and up to a limit of two monthly payments within a 12 month anniversary period. The prior overpayments made will be held in reserve and any underpayments agreed will reduce the level of reserve as and when they are applied. As such, a customer must have previously overpaid by at least the equivalent amount to be underpaid at the time of the request. This doesn’t have to be in the same anniversary period, and overpayment made in prior years can be used. The customer’s mortgage account must also be up to date to use this feature.

The mortgage is secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Lending subject to status. We’ll consider customers aged up to 70 years old.

(2) Apply for one of our mortgages by 24th September 2018 (inclusive) and if your application is approved, you’ll be eligible to receive 5% of your grocery shopping bill back in vouchers for two years from the start date of your mortgage. You have to use your Nectar card each time you shop at Sainsbury’s and the maximum reward you can earn in each 3 month period (“quarter”) is £50, even if 5% of your spend amounts to more than this. So, even if you spend more than £1,000 in the quarter, you’ll only earn a £50 reward. We won’t send you vouchers if you earn less than £5 worth of vouchers in that quarter. We won’t carry any amount into the next quarter. So your qualifying spend needs to be at least £100 in the quarter to earn the minimum £5 reward. Vouchers can be redeemed in any Sainsbury’s supermarket or Sainsbury’s Local in the UK. Vouchers may ony be used instore as per the terms specified on the vouchers and cannot be used to buy from Sainsbury’s websites. Offer available to new residential mortgage account customers only. Vouchers will only be valid until the expiry date printed on the voucher, which will be up to one month from date of issue. We reserve the right to terminate this offer from the date: you fail to meet the terms of your mortgage; or you repay the mortgage; or if you move (“port”) your mortgage to another property. Sainsbury’s Bank reserves the right to alter, cancel or withdraw the offer at any time, without prior notice.

We calculate the amount you receive in vouchers based on the “points earned on” total shown on your till receipt when you spend in Sainsbury’s stores or at Sainsbury’s online. The following spend is excluded from this offer and we won’t include it when we work out the value of the voucher(s) you receive:-

  • purchases made at Sainsbury's Telecoms, Energy or at Argos or Habitat;
  • purchases of Sainsbury's Bank products; 
  • purchases made at Sainsbury’s Petrol Filling Stations; 
  • items on which you don’t collect Nectar points at Sainsbury’s. You can find a full list of these in the FAQ section at sainsburys.co.uk/Nectar.

We use your Nectar card to work out your qualifying spend so you must hold a valid Nectar card in your name and tell us your Nectar card number to receive this offer. We count spend on all Nectar cards linked to the Nectar card number you give us at the time of your application. You can give us your Nectar card number when you apply for your mortgage or at any time during the first year of your mortgage. If you give us your Nectar card number after the start date of your mortgage, we’ll backdate your reward to the start of the current quarter only, and you’ll benefit from the reward from then, for the remainder of the offer, i.e. up to the end date of two years from the start date of your mortgage. From the start date of your mortgage, we’ll send you vouchers every quarter, for a period of two years (unless we remove the offer in accordance with these terms and conditions). We’ll post your voucher(s) to the mortgage address no later than 60 days after the end of the quarter. Your first voucher(s) will be based on your eligible spend in the first three months from the start date of your mortgage. We calculate the value of the voucher(s) you will receive in a quarter by taking the “points earned on” total for each transaction in that quarter and rounding it up to the next £1. We then add them together, calculate 5% and (where over £5) round that up to the next pound.

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