Sainsbury’s Bank has confirmed the £479 million sale of its mortgage portfolio to the Co-operative Bank.
The news follows Sainsbury’s Bank’s September 2019 announcement that it would be halting all new mortgage sales and was reviewing its options for the existing mortgage book.
The bank said it anticipates the deal to complete alongside transfer of beneficial ownership on 15 August with legal title transfer occurring within 12 months.
Following a period of transition of up to one year from completion, Sainsbury's Bank mortgage customers will transfer to The Co-operative Bank.
"We're pleased to confirm we have agreed the sale of our mortgage book to The Co-operative Bank. Closing the chapter on our mortgage offering is a big step in simplifying our business,” said Sainsbury’s Bank chief exec Jim Brown.
Brown added that it had been important for Sainbury’s Bank to find a buyer that would best meet the needs of its customers and explained it chose the Co-operative Bank as it is a “well-known UK mortgage provider, committed to providing excellent customer service”.
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