Government Banks Still Failing To Offer Best Loans
Those banks which have been recently nationalised by the Government, through receiving large Treasury loans to bail them out, are still failing to offer the most competitive deals when it comes to home owner loans and mortgages, according to a new independent survey.
When the various banks received their loans from the Government, part of the agreement for the financial assistance was that they would offer a competitive range of cheap loans to customers in order to help restore the economy of the UK and get the housing market moving once again.
But the new survey, conducted by Evaluate Technologies, has found that hardly any of the loan deals from the nationalised banks have featured in the top ten list of “best buy” home owner loan deals at any time over the course of the first three months of this year.
The most consistent lender for offering best buy loan deals over the first quarter of the year, was First Direct, with 19 different loan deals, followed by the Post Office and then Alliance and Leicester. Of the nationalised banks, only the Royal Bank of Scotland and Northern Rock made an appearance, with just one loan deal each.
The Lloyds banking group, which includes such brands as, Cheltenham and Gloucester, the Halifax and Bank of Scotland, did not appear in the top ten list of best buy home owner loan deals at any time in the first three months of 2010.
A spokesman for Evaluate Technologies commented on the figures, saying that it was encouraging to see that there was not just one lender currently dominating the home owner loan and mortgage market, which shows signs of healthy competition. However, he did comment that it was disappointing to see that the Lloyds banking group failed to make a single appearance in the best buy deals.
