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Time to break big lenders’ stranglehold on the market

It’s about time the Competition Commission investigated the stranglehold that HBOS and a handful of other len-ders including Abbey, the Royal Bank of Scotland, Lloyds TSB/Cheltenham & Gloucester and Nationwide have on the mortgage market.

Are these firms using the credit crunch as an excuse to increase their margins with expensive products and possible reductions in proc fees?

They have been allowed to take a majority share of the market and with few other lenders now able to complete even for prime business, where does this leave customers?

With the Bank of England base rate at 5%, we are still seeing products priced well above 6% and a bias to-wards longer term fixed rates. Can this be blamed on the credit crunch?

I’m beginning to wonder who is running the country. Billions of pounds of taxpayers’ money have been pumped into the system to sort out the Northern Rock mess and encourage banks to lend to each other. Meanwhile, we are seeing higher mortgage costs, higher taxation and rising fuel and food bills.

It will be interesting to see if the profits of these institutions are hit as hard as the pockets of consumers.

It’s time NR was run as a properly nationalised institution to compete with the big lenders and put some mon-ey back into taxpayers’ pockets instead of funding the lavish lifestyles of bank executives.

Martyn Richards
Independent mortgage broker Asset Mortgage Solutions Abertillery
South Wales


Solent Mortgage Services signs up to Gravity

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Customised valuation reports

Trigold and Hometrack have launched customised broker property valuation reports. Hometrack subscribers on Trigold’s panel can generate reports for £5 a month.The government’s bid to help the mortgage market with a £50bn plan to swap mortgage-backed securities for Treasury bonds dominated the media spotlight last week. Al-though it is expected to inject liquidity into the […]

NR shareholders poised to launch legal action

A legal battle between Northern Rock shareholders and the government took a step closer yesterday after Treasury lawyers rejected investor pleas for fair compensation.

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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