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Alliance and Leicester takeover 'could reduce mortgage products'
16 July 2008
Banco Santander's takeover of Alliance and Leicester could see the number of products in the mortgage market drop, according to an independent website.
During the takeover Banco Santander is likely to merge Alliance and Leicester's mortgage products into its own and cancel others that it does not think are suitable, which will reduce the amount of mortgage deals in the market.
Pauline McCallion, editor of Your Mortgage, said: "Both Abbey and Alliance and Leicester are quite big players in the UK mortgage market so it will have an effect on the amount of products available."
Consumers should not be too concerned for the state of the mortgage market as Banco Santander has a good track record in the UK, claims Your Mortgage.
"This probably bodes well for the market that they have now moved on to agree the acquisition with Alliance and Leicester," said Ms McCallion.
Alliance and Leicester had a mortgage net lending market share of 4.4 per cent in 2007, it has been reported.
