Mortgage market experts have warned consumers that those mortgage lenders bailed out by the UK government are more expensive to borrow from than others in the market.
The online mortgage company mform.co.uk claim that first-time buyers choosing to borrow from those mortgage lenders and other companies bailed out by the Government face an average percentage of 5.02 per cent. This compares with an average rate from lenders not bailed out, which stands at 4.865 per cent.
The list of lenders bailed out by the government includes Halifax, Intelligent finance, Lloyds TSB, Cheltenham &Gloucester, NatWest, Northern Rock, Royal Bank of Scotland, the One Account and Scottish Widows.
Francis Ghiloni of mform.co.uk was reported as commenting: "It is striking that despite all the government action to boost the mortgage market that the bailed-out banks are significantly more expensive on many products. The Bank of Gordon might be the bank that likes to say yes and that is a good thing if it lends. It would be good though if it was also the bank that offered the best deals. Borrowers should not necessarily always steer clear of the Bank of Gordon as some of the members offer good deals. The key to reviving the market though is more competition and the trend of the past few months has been a lack of competition."
Bailed out banks cost more for mortgages
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