It was recently announced that Lloyds TSB has struck a deal with Northern Rock and will be offering mortgages to those Northern Rock borrowers whose deal is ending.
What is not widely known is that Lloyds TSB will be allowed to cherry pick the best borrowers, leaving the rest to fend for themselves. We feel this is unfair for 2 reasons; first Lloyds TSB only offers their own products which are not always competitive. Second what happens to all the other Northern Rock borrowers who Lloyds TSB don’t want. We could argue that these people need advice the most. They are going to have high loan to value mortgages and possibly some bad credit as well.
Northern Rock are not offering competitive deals to existing customers and are happy for them to go elsewhere.
As always, we recommend Northern Rock mortgage customers seek advice from a mortgage broker who can look at all the options from the whole of the mortgage market. There will be better deals available that are cheaper than the Lloyds TSB offerings.