Deal means Lloyds TSB can 'cherry pick' NRock borrowers

The agreement between the two banks, announced yesterday, will allow only fixed-rate Northern Rock customers to switch to a Lloyds TSB mortgage once they have come to the end of their deal. The agreement has been welcomed by those who say Rock’s borrowers will now have more options once they come to remortgage. But Louise Cuming, head of mortgages at Moneysupermarket, says that Lloyds TSB will “undoubtedly cherry pick” Northern Rock borrowers, leaving many out in the cold. “This may be good news for some Northern Rock borrowers, but the Lloyds TSB deal will only be offered to a select t...