HBOS's specialist mortgage arm, The Mortgage Business (TMB), is to close it was announced today.
According to TMB’s website, the lender will no longer accept new business from 22 August 2008.
Brokers wishing to apply for TMB products will have until 8pm on 22 August to submit a full application. Current borrowers will be unaffected.
HBOS hopes to transfer its specialist mortgage business to its BM Solutions brand.
The move will result in the loss of over 300 jobs, though HBOS says it hopes to redeploy affected staff in other parts of the group where possible.
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