Cheltenham & Gloucester, the mortgage providing brand owned by Lloyds, is set to halt its intermediary business on the 31st March.
However, it has been stressed that the C&G brand will stay open to customers applying directly.
The announcement, delivered today, will not affect the C&G savings business or any of its branches however, Lloyds has confirmed that around 570 positions will be made redundant group-wide due to a number of job-cutting measures being made on a wider scale.
The notice posted to intermediaries stated:
“There will be no impact on your clients’ existing mortgages or on any applications already submitted. Customers can continue to manage their accounts through our branch network and by telephone.”
Those who are just starting or in the process of taking out a C&G mortgage produce will receive a letter from the bank.
Any intermediaries will need to get their mortgage applications into C&G, in full, before the end of 31st March for them to process the application.
From the 1st April, the C&G intermediary website will still be open, complete with contact details and any key forms, but the application caseflow system will be closed from midnight on the 31st March.
Mike Jones, sales director, mortgages, says: “This decision allows us to remove overlap and thereby focus our broker activity via the Halifax Intermediary business.
“This approach ensures that across Halifax, BM Solutions and Scottish Widows bank, the group can continue to offer a focused and all encompassing proposition to brokers and their clients.”