HBOS Scales Back

HBOS announced today that it will axe 425 job cuts, and scale back its TMB brand which provides finance for new builds and buy-to-lets.

HBOS recently announced a fall in profits of 72% to £848M.

As from late August, HBOS will cease taking on new business from its TMB division and stop offering loans via its Intelligence Finance brand.

The FT reports that the UK mortgage market will shrink from £368BN in 2007 to £280BN this year because the "number of lenders who relied on securitisation have quit the market".

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