Mortgage brokers and consumers may face a reduction in choice if the proposed merger between Abbey and Alliance & Leicester goes ahead, according to Moneyfacts.co.uk.
Earlier today, A&L confirmed it would recommend shareholders take the £1.25bn offer from Abbey owner Banco Santander. Moneyfacts.co.uk’s mortgage experty, Darren Cook, believes the deal will help improve confidence in the UK mortgage market, but is concerned about the impact it may have on consumer choice. “Historically, mergers in the mortgage market have worked out as more of a takeover of the mortgage book, with one company’s product range features disappearing altogether without bringing together the best of both product ranges,” he explains. He says both firms offered fairly similar...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
