Sainsbury’s Bank receives £150m of applications in six months

In April, the challenger bank began by offering products through London and Country, Legal and General Mortgage Club and direct to customers.

And last month it added Mortgage Advice Bureau and Stonebridge to its distribution.

Although it was not publishing full lending data yet, Mortgage Solutions reports that a Sainsbury’s spokeswoman said the lender was “delighted with the green shoots of its business and encouraged by the pipeline of applications”.

Overall, according to Sainsbury’s half year results, loan balances at the bank increased by 23 per cent to £5.14bn, due to increases in personal loans and credit card balances and the introduction of mortgages in April 2017.

It added: “While still in pilot phase during the first half, we saw early positive signs in mortgages. We have received approximately £150m in mortgage applications, with a number of our products included in the Moneyfacts Best Buys tables.”