Over the last few months the Lloyds Spanish group including
- Banco Halifax Hispania
- Lloyds TSB es
- Lloyds international
have as part of their integration planning been discussing bringing their Spanish Mortgage criteria’s into line with each other so that whichever arm of the group a client accesses the terms and risk assessment are the same. Presently clients can obtain very different terms from each one and they assess clients differently.
It has come as some surprise therefore that despite the fact this process is well underway that two of the arms this week have made changes that have gone in completely different directions to both their own current criteria’s and the other parts of the group.
Banco Halifax Hispania who for some months now have only offered 60% of valuation or contract price whichever is the lower is planning and in fact already approving cases at 60% of valuation up to 75% contract price.
Lloyds TSB es who throughout the current lending crisis has maintained the ability to offer 60% of valuation up to in some instances 90% of contract price have perversely from Monday this week limited this to 60% of valuation and 60% of contract price whichever is the lower.
It remains to be seen if the committee reviewing the integration of the three brands has any idea of what seems to be unilateral changes made by each subsidiary or where in the longer term the criteria’s finally come to rest.
However at this moment in time if you access Spanish lending via the Halifax arm rather the the Lloyds arm not only will you get better rates you will also have the ability to achieve a higher capital amount if the valuation level allows.
Crazy !