HBOS, owner of the Halifax amongst others, is to streamline its operation with the cutting of around 420 jobs and the deletion of one of its mortgage businesses.
The Halifax brand is well known for mortgages, being one of the biggest providers of home loans in the UK. This status means it will not see any changes to its operation, the cuts instead coming from other parts of the HBOS group. It appears that part of the problem was a duplication of efforts in relation to mortgage business, the streamlining aiming to reduce this and give each brand its area of expertise.
The job cuts by HBOS, which as already stated will not impact on the Halifax, will see most employees redeployed to other parts of the group, meaning that in real terms job losses should only be slight.
The Nationwide Building Society has just announced cuts to its range of fixed rate and tracker mortgage products.
Applicable from 9 July the Nationwide Building Society 2 year tracker mortgages will have an interest rate of just 5.78 percent, with a fee of GBP1,499 payable. The 2 year fixed rate mortgages will have their rates confirmed shortly, since they were unavailable at the time of writing.
A spokesman from the Nationwide Building Society declared these cuts as indicating how committed they are to supporting the housing market, and their customers. The Nationwide is open for business he said.
New from the Natwest Bank is a three year tracker mortgage that, as well as being free of fees, has a step down interest rate that reduces each year.
For customers looking at a remortgage there will be no set up fees, valuation or legal fees said a Natwest Bank spokesman. In addition it will offer customers the chance to move to a different Natwest mortgage (fixed rates only) should they feel it will be better value. This option is open to customers after three months.
A Natwest Bank spokesman said that this new step down mortgage they are offering will be met warmly by customers who are looking for a simple and straightforward deal.
