HBOS - Lloyds TSB merger: UK mortgage rates to rise

HBOS - Lloyds TSB merger: UK mortgage rates to rise

www.telegraph.co.uk

The merger will create Britain's biggest mortgage company, supplying more than one in four mortgages in Britain.

Mortgage experts said the creation of such a big player would be bad for competition in the market, causing rates to increase.
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Louise Cumming, mortgage expert at the MoneySupermarket.com, the personal finance website, said: "Consumers have every right to be worried. I feel it is a bitter blow - they are such large names, such large brands. The merged company will be under pressure to make a profit to justify the tie-up, and customers will lose out."

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[edit on 17/9/2008 by Mirthful Me]

Im a customer of the TSB. They dont want to know Joe Public unless he has money to burn and have avoided lending to high risk customers. With this meregr will come a change in attitude by one of the largest mortgage lenders in the UK, the "Halifax". Gone are the days when everyone had the right to own a home.


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[edit on 17/9/2008 by Mirthful Me]

Im very disappointed that today HBOS was basically bullied into a merger because of bad press and a lack of control by the FSA in the rumours surrounding the bank. Lloyds TSB and HBOS will now basically become a monopoly in the UK banking industry backed by Mr Brown (who has over turned the competition laws in the UK to allow the companies to become a Giant financial institution with a 28% share of the UK mortgage book!)
Not only will this create an unfair competition in the uk for the mortgage sector but will cause 1000's of job losses..


One world Bank here we come..

reply to post by Dskys


My mate works for hbos, i was told by him that the "order" to buy hbos came direct from the PM, he phoned lloyds and basicly told them to buy hbos and not to worry about the Monopolies and Mergers Commission.
From my understanding this will of come from someone in the City who then told the PM who then told lloyds.

Yes, basically HBOS share price dropped sharply due to short selling in the markets, because of this the CEO of HBOS and the board were concerned a 'northern rock' style panic would ensue causing all deposit customers to quickly start drawing their cash from the bank causing an actual 'crash'! To stop this from happening Lloyds TSB agreed to take over HBOS and merge the two banks with the blessing of the PM and Mr brown also overruled the uk monopoly laws to let the merger take place! Apparently the lloyds tsb takeover was a contigency plan that had been in the works for months which wouldnt surprise me if the HBOS share price was engineered..

Greedy pig US billionaire who has helped bring HBOS to its knees

www.mirror.co.uk...

Philip Falcone, who recently bought a £24million home that has a room for his pet pig, is said to have made hundreds of millions gambling that the British banking giant's share price would plummet.