Co-operative Bank buys mortgage portfolio from Sainsbury’s Bank

The Co-operative Bank has announced that it has purchased the mortgage portfolio of Sainsbury’s Bank for £464 million. The sale marks Sainsbury’s Bank’s formal exit from the UK mortgage market, with it having ceased new lending in 2019. The portfolio contains around 3,500 customers and is worth nearly £480 million.  Sainsbury’s Bank will transfer its mortgage customers to Co-op…

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