Mortgage competition 'to get worse' after merger
The acquisition of HBOS by Lloyds TSB is bad news for consumers seeking to purchase property, it has been suggested.
According to moneysupermarket.com, "valuable choice and competition on the high street" will be lost in the mortgage market and "consumers will be the poorer for it".
The comparison website criticised the government's decision to wave the merger through as the Competition Commission would normally have queried such a deal.
It added: "The Santander takeover of A&L, Lloyds' buyout of HBOS and more frequent building society mergers means we are seeing a reduction in diversity."
House buyers in London may find that the lack of mortgages following this move could dampen the property market further still, making renting a yet more attractive alternative.
According to the Guardian, the Lloyds take over could mean HBOS, the UK's largest mortgage provider, will cut back on lending despite the latter institution's previous assertions that it is committed to supporting first-time buyers get on to the property ladder.
Published 18th September, 2008
© 2008 Estates IT Limited
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The acquisition of HBOS by Lloyds TSB is bad news for consumers seeking to purchase property, it has been suggested.