[UK] The Mortgage Business plc - Buy-to-Let, Self-build
2008-08-14
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CityWire reported today that The Mortgage Business plc, one of five mortgage businesses owned by Halifax Bank of Scotland (HBOS) will cease accepting new business as of August 22, 2008.
"Halifax Bank of Scotland will close the Mortgage Business, which works through financial advisers, to new business from 22 August as an attempt to streamline its business. The closure of the Mortgage Business and HBOS's efficiency drive will threaten 325 jobs, with the aim of completing the layoffs by March 2009. There will be an additional 100 job losses from HBOS's IT department."
An article in WalesOnline states "HBOS has confirmed it will close its Cardiff mortgage service centre, which employs 150 staff."
"Birmingham Midshires (BM), the group's main specialist lender, will now become responsible for managing all key intermediary relationships previously held through TMB. All future specialist business will be underwritten by BM."
There was also an announcement (cached) on their web site dated 2008-08-13.
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.