Treasury nationalises B&B

When Mortgage Adviser contacted GMAC-RFC to ask if Bradford & Bingley had been taken under government control at an earlier date would have benefited them the lender declined to comment.

Melanie Bien, director for London-based adviser Savills Private Finance, said nationalisation could end intermediaries relationship with Bradford & Bingley.

She said: "If you look at Northern Rock it abandoned intermediaries with the tie-up with Lloyds TSB, encouraging customers to go to Lloyds rather than the intermediary that introduced them. It would be a shame because it has been such a strong intermediary brand."