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HBOS drops mortgage brand

Thursday, 14 August 2008 12:00 AM

HBOS has announced it is to close one of its five mortgage brands as the credit crunch continues to take its toll on the UK property market.

The Mortgage Business (TMB) will stop accepting new business at 8pm on August 22nd, with the closure of the organisation's mortgage processing centre to follow thereafter.

The four remaining HBOS brands - Halifax, Bank of Scotland, Intelligent Finance and Birmingham Midshires - will continue to operate, the bank has confirmed.

However, Intelligent Finance will also be slightly restructured, concentrating on core products selling all offset mortgages with a requirement to include savings and a current account.

Birmingham Midshires will manage TMB's intermediary business, with the changes likely to see HBOS shed 325 members of staff before the end of March 2009.

The aim was for jobs to be cut through natural turnover and voluntary redundancies, the company confirmed in a statement.

The news follows a challenging year for HBOS and the mortgage industry as a whole.

Figures from the Council of Mortgage Lenders (CML) showing mortgage lending had fallen 32 per cent in the year to June.

More specifically, HBOS announced profits before tax fell 72 per cent in the first six months of the year on July 31st - making the organisation one of the worst performers in an already struggling industry.

The firm confirmed first-half profits dropped to £848m from £2.96bn in the same period a year earlier.

TMB was the specialist buy-to-let lender in the HBOS portfolio, but, with the sector in decline, the decision has been taken to "streamline" the business.

Chris O'Toole

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