HBoS close TMB

Published: August 13, 2008

HBoS, the group which includes Halifax, Bank of Scotland and Birmingham Midshires, has today announced the closure of TMB, also known as The Mortgage Business. The brand will cease to accept any new mortgage applications after the 22nd August, with their current House to House and self build range of products being offered by BM Solutions after that date.

The changes will result in job losses of around 325 by March 2009. However, HBoS say that they do not expect to have to make any compulsory redundancies and plan to redeploy most staff elsewhere in the group. The changes will not affect existing customers, who are due to receive a letter in the near future explaining the changes.

Nigel Stockton, managing director of HBoS Intermediaries, commented: "We want to ensure a smooth transition, and are still committed to a multi-brand strategy. But this is about streamlining the business."