Mortgages to Join Sandwiches Next Year at U.K.'s Marks & SpencerBy
M&S Bank says it plans to offer mortgages early next year
HSBC-owned lender is one of several at British supermarkets
Britons will be able to pick up one more product when they shop at Marks & Spencer Group Plc stores next year: home loans.
M&S Bank, owned by HSBC Holdings Plc and run as a joint venture with the food and apparel retailer, will begin offering mortgages in early 2018, it said in a statement Friday. It joins other banks linked to retailers, including Tesco Plc and J Sainsbury Plc, in the home-lending business.
The venture may be betting that consumers will opt for the convenience of adding a home loan from a familiar retailer, even as M&S struggles to turn around its apparel operations. M&S Bank plans to focus on first-time home buyers, who sometimes struggle to secure mortgages given lofty U.K. valuations, as well as people who move from one house to another, it said.