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Lloyds TSB must recognise its power says AMI

Chris Cummings, director-general of the Association of Mortgage Intermediaries has welcomed the merger of HBOS and Lloyds TSB but says it must now recognise its power as the leader of the pack.

Cummings, says: “The move will stabilise the pressure cooker mortgage market at the moment.

“It is unfortunate that that the deal had to be rushed through, but like the government we have also suspended any concerns relating to competition in the market.”

He adds: “We hope that Lloyds TSB now recognises its leading position in the market and its obligations and continues to value the broker market.”


Rural prices beat urban values

The latest annual Halifax rural housing review has revealed the average house price in rural areas of the UK is 15% higher than in urban areas. Rural area prices average £235,324 compared with the urban figure of £204,290.

Principality sees profits fall

Principality has revealed pre-tax profits of £8.4m for the first half of 2008, a major drop from the £16.2m seen in the same period last year. Its unaudited group interim results show assets have increased by £437m to £6.29bn.

Clients do themselves harm by going to lenders direct

It was interesting to read comments by Gerry Bell of GE Money Lending (Mortgage Strategy Online August 21) stating that around 3.4 million direct mortgage applicants were declined at least once in the past 18 months.

Nationwide may shut centres

Nationwide is considering closing five processing centres in an effort to streamline its business. Centres in Swansea, Belfast, Southampton, Rayleigh and Sevenoaks are being assessed as part of the 30-day consultation. Nationwide has refused to comment on possible redundancies.


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