The Bank says it pland to partner with more brokers over the next twelve months, as well as offering a direct non-advised route.
Sainsbury's has launched with a residential purchase and remortgage range for first time buyers and the self-employed, as well as lending into retirement for certain customers.
It also plans to expand into the buy-to-let market "over time".
The range initially includes two and five-year fixed rate and tracker products available from 1.34% with fee-free options, available up to 90% LTV.
Remortgage customers will benefit from free-assisted valuations and legal advice. Sainsbury's will consider customers aged up to 70 years old and will allow overpayments, underpayments, and payment holidays.
Both home purchase and remortgages also include a reward scheme for supermarket customers, enabling them to earn up to £200 a year (in vouchers) for two years.
Catherine More, Head of Mortgages at Sainsbury’s Bank, said: “Mortgages and grocery shopping are some of our customers’ biggest household expenditures and we’re uniquely placed to help them out with both.
“We’ve built our new mortgages in response to our customers’ needs, they told us they wanted to feel supported through the whole process, that they wanted the flexibility to pick the advice that suits them, and to receive a good deal.”
David Hollingworth of L&C Mortgages, said: “We welcome more competition in the mortgage market and particularly from those entrants that have put real customers at the heart of their design. We’re delighted to be working with Sainsbury’s Bank as initial intermediary pilot partner.”
