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Sainsbury’s Bank scraps base rate tracker mortgages

Written by: Lana Clements
The deals have not proved popular as borrowers have flocked to the safety of fixed rate mortgages
Sainsbury’s Bank scraps base rate tracker mortgages

Sainsbury’s has pulled all its base rate tracker mortgages in response to lack of customer demand for the products.

The lender has also cut rates on a number of two and five-year fixed-rate deals, and added some new products.

As a result, Sainsbury’s will now offer a 95% loan to value (LTV) fixed for two years at 3.39% with no product fee and a £500 cashback, as well as a five-year 60% LTV deal at 1.89% with £995 product fee.

New deals include a five-year fixed rate of 3.59% at 95% LTV with no product fee and a £500 cashback, and a 95% LTV two-year rate of 3.69% with no product fee and a £1,000 cashback.

A spokeswoman for Sainsbury’s Bank, said: “We constantly review our rates and product offerings in order to remain competitive and best serve our customers.

“Following a review of the market alongside the current demand from our customers, we have decided to focus entirely on our fixed range.”

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