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The merger will create Britain's biggest mortgage company, supplying more than one in four mortgages in Britain.
Mortgage experts said the creation of such a big player would be bad for competition in the market, causing rates to increase.
Louise Cumming, mortgage expert at the MoneySupermarket.com, the personal finance website, said: "Consumers have every right to be worried. I feel it is a bitter blow - they are such large names, such large brands. The merged company will be under pressure to make a profit to justify the tie-up, and customers will lose out."
Greedy pig US billionaire who has helped bring HBOS to its knees
Philip Falcone, who recently bought a £24million home that has a room for his pet pig, is said to have made hundreds of millions gambling that the British banking giant's share price would plummet.