Sainsburys Bank 2-year fixed rate mortgage 1.39%, up to 80% LTV + up to £400 cashback on groceries over two years
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Sainsburys Bank 2-year fixed rate mortgage 1.39%, up to 80% LTV + up to £400 cashback on groceries over two years

Editor 8
Editor
Found 24th Nov
Are you a first-time buyer or home mover with 20% deposit/equity?

  • If so, this deal from Sainsburys is pretty good:
  • Two-year fixed rate at 1.39%, fee £745.
  • Free valuation for all borrowers, free legals for remortgage customers only.
  • This deal allows overpayments of up to 10% of the outstanding balance.

Moneyfacts describes the deal as “highly competitive” and says it’s in the top five deals in its sector.

As always, you need to compare the true cost of a mortgage by adding together all the monthly payments in the fixed period (so 24 in this case) and adding the fee, then comparing it to other mortgages with the same length fix.

Shopping reward
Mortgage customers who apply by 26 February 2018 can also benefit from this Nectar deal:
Earn 5% of your grocery bill back with reward vouchers to spend in Sainsbury's stores when you use your Nectar card at Sainsbury's stores and online.

Minimum and maximum amounts apply as follows:
The maximum reward you can earn in each 3-month period is £50, even if 5% of your spend amounts to more than this. To get £50 a quarter you need to spend £1,000 a quarter or about £333 each month in Sainsburys – easily doable for a couple or family. You need to earn at least £5 of vouchers to be sent any vouchers in that quarter – that amounts to a £100 spend per quarter. Amounts aren’t carried over to the next quarter.

The deal excludes anything you spend in a Sainsbury's petrol station and anything you don't earn Nectar points on.

Vouchers will be sent to you four times a year – these can be spent in Sainsbury's stores but not online.

8 Comments

Suspended

Sainsbury's will own your house MADNESS

DO NOT, I REPEAT, DO NOT GO WITH SAINSBURY'S BANK! Absolutely awful to deal with when trying to get a mortgage. I have never been messed around so much in my life. I ended up going with Yorkshire Building Society and it was a quick and easy online process. Sainsbury's do everything via the phone (including the application, which took 90 mins) and post and it's just awful. You have to send every single document in the post, every time. They provide tiny little pre-paid envelopes which you can't fit any documents in. YBS just let you e-mail everything to them and the application is online.

You have been warned! 1.2/10 on Trustpilot says it all
Edited by: "JPS" 24th Nov

Plus people should really be fixing for longer than 2 years now with interest rates set to only go one way.

BargainBros4 h, 36 m ago

Sainsbury's will own your house MADNESS


Errr.. that's how mortgages work..

Have a car loan with them and they were excellent start to finish ?

JPS7 h, 50 m ago

Plus people should really be fixing for longer than 2 years now with …Plus people should really be fixing for longer than 2 years now with interest rates set to only go one way.


Not necessarily, I personally don't want to fix for much longer than this because I'm moving in two years so gives me the flexibility of moving penalty free

JPS12 h, 2 m ago

DO NOT, I REPEAT, DO NOT GO WITH SAINSBURY'S BANK! Absolutely awful to …DO NOT, I REPEAT, DO NOT GO WITH SAINSBURY'S BANK! Absolutely awful to deal with when trying to get a mortgage. I have never been messed around so much in my life. I ended up going with Yorkshire Building Society and it was a quick and easy online process. Sainsbury's do everything via the phone (including the application, which took 90 mins) and post and it's just awful. You have to send every single document in the post, every time. They provide tiny little pre-paid envelopes which you can't fit any documents in. YBS just let you e-mail everything to them and the application is online.You have been warned! 1.2/10 on Trustpilot says it all


Have to agree with this. I too tried to remortgage with sainsbury so slow long phone conversations took 1hr and then said they have to book me with an advisor and wait was 2wk by which time they withdrew the product. Complete waste of time. Have now remortgaged with atom which was much easier and simple and lucky rate was secured upon submission.

I also recommend YBS who I am leaving to go to atom. They were excellent and again very efficient. Only reason I'm leaving is because of the excellent rate from atom otherwise I would have switched to the ybs offset but will do that in 2yr now.

satty833 h, 19 m ago

Have to agree with this. I too tried to remortgage with sainsbury so slow …Have to agree with this. I too tried to remortgage with sainsbury so slow long phone conversations took 1hr and then said they have to book me with an advisor and wait was 2wk by which time they withdrew the product. Complete waste of time. Have now remortgaged with atom which was much easier and simple and lucky rate was secured upon submission. I also recommend YBS who I am leaving to go to atom. They were excellent and again very efficient. Only reason I'm leaving is because of the excellent rate from atom otherwise I would have switched to the ybs offset but will do that in 2yr now.


Spot on. I was very happy with Halifax, who I was with for 4 years. But got much better rate with YBS. Unfortunately it doesn't pay to be loyal these days. And as for Sainsbury's Bank....they seriously need to take a long hard look at how they sell their mortgages!
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