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First Direct Employs Self First Tactics

Anyone seeking a mortgage with First Direct is going to find themselves with an automatic disqualification unless they are already First Direct customers according to the announcement made from the bank. In financial theory terms perhaps this is a sound move – especially in the wake of the Northern Rock fiasco. But what about people who are looking for a mortgage? Banks are often like sheep, where one leads another quickly follows. Does that mean that there will soon be a situation (temporary or otherwise) where anyone wishing to buy a house will be hostage to whatever interest rates their own bank offers with no free market in which to search for a better deal? And what kind of president does that set for other times of borrowing? If I wanted a cosmetic surgery loan, would I too have to only use the people that I bank with? First Direct may have good reason to protect their assets in this way but I hope that the matter is being closely monitored by the major UK financial watchdogs to ensure that the ordinary people on the street are protected from any institution wishing to use the situation as a way to increase their profit margins.

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