Saturday, Jan 09, 2010
Masters and Servants
Telegraph: Banks restrict best mortgages to current account customers
The proportion of home loans which require borrowers to have a current account with their lender is four times higher than a year ago, according to exclusive research for The Daily Telegraph.
Experts said bank customers could end up “trapped” in substandard deals, leaving banks to profit from so-called cross-selling, which entails selling new products to existing customers.
The figures produced by Defaqto showed the number of mainstream mortgages limited to current account customers has risen from 2.6 per cent last year to 10.1 per cent today.
It said there were 36 such deals out of a total of 1,370 mortgages in January 2009 compared with 213 deals out of 2,099 now.
Posted by dill @ 03:18 PM (523 views) Add Comment
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