As The Banks Are Public Enemy Number One Would You Like To See Well Known Retailers Such As Tesco And M & S Provide Mortgages?
| Related: | Personal Finance•Money•Mortgages |
I have thought about this idea with the transparent lack of competition in the mortgage market and the problem likely to become even more acute if interest rates do rise over the next few months.
Responses (5)
As far as I'm aware, both Tesco and M&S will be offering mortgages within the next few months.
From the point of view of increasing competition, I think it's a good thing. From the point of view of their expertise in this market, I would be concerned. Would I really want to make the biggest and most important investment in my life at the same place I buy my knickers?!!
There again, can you imagine the club card points on a mortgage...?!!
Hi Creativesaver
I think that this could be a very good thing, if the rates are better than the banks it could make them sit up and take notice and this retailers have the clout to pull it off, after all they offer just about everything else.
It seems to me that whenever non financial outlets start promoting these kind of things, they are just fronting up established mortgage providers and just clocking the commission. I suspect that whatever money is utilised, it comes from existing sources. And regardless of the name on the application form, the same tight criteria regarding status, credit worthiness and deposits will apply. Frankly, I don't agree with this kind of diversification. What next? Tesco running family planning clinics.
Having said that, where is Richard Branson and his Virgin Brand these days? I thought he was going to make a bid for the Post offices and run them as the People's Bank. Now there is a man I would love to see running the banks.
My first PC was a Virgin .. actually an ICL model but badged as a Virgin so you has to be very careful the first time you used it. It had a thick piece of tape across the floppy disk slot that took me ages to remove.
Oh, Snoops, you are incorrigible! :-)
Moi? Ms Fruitcake, incorrigibility is in the eye of the beholder ...... lol
True! ;-)
I'm beholding you too, Snoops, and you really are incorrigible!
Guilty as charged ladies! The thing is, the story is absolutely true and I do like to get the mileage out of it.
My fear is that they will adopt a stack em high sell em cheap attitude to an issue that needs careful planning and consideration. Its not a tin of beans being sold but a lifetime commitment for many.
I'm sure the time will come! Where there's money to be made Tesco are there and their diversification to respond to the market demands is amazing.
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Oh, fruity I'm coming over all unnecessary thinking of those Clubcard points!
However, I think all the supermarket financial products are backed by the big banks, so no need to worry about their expertise methinks.
Oh, I'm sure the actual mortgage will be backed by a bank, but will, say first time buyers, be advised by the bank or by some idiot from Tesco's?!
Ha, wouldn't it be great if they had a BOGOF on houses, or buy one and get a bungalow at half price.
Yes I'm also having a little moment thinking of all those lovely points, yummy.