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.”