On the face of it, the U-turn by HBOS could be considered by some as embarrassing, but I look at it as proof the mortgage market is working well - and that has got to be good for customers and product providers alike.
If you remember, HBOS posted figures showing their market share had fallen by around 50%. They came clean and said this was due to its retention strategy being wide of the mark. They also admitted that their products hadn’t been attractively priced of late and as a result lost a lot of business. But they quickly moved to put the matter right by introducing some great deals across their brands to redress the balance over the second half of the year. There are lessons to be learned here. The first is not to take customers or product distribution chains for granted. For while big players l...
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