Big changes to the mortgage market

29 September 2008

The recent takeover of HBOS by Lloyds TSB may reduce the number of mortgage products on the market, reports the Financial Times.

The deal will create the UK’s largest bank, owning nearly 30% of the mortgage market. Between them, Lloyds and HBOS offer over 500 mortgage products – but brokers believe that although Lloyds will keep the existing mortgage brands, it will reduce the actual number of individual mortgage products.

“The mortgage market is changing rapidly,” said a spokesperson for Think Money. “Whatever changes may occur, today’s situation underlines the importance of talking to an experienced mortgage provider who can supply tailored mortgage advice, helping people find a mortgage that suits their financial circumstances.”

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