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B&B to slash 450 more jobs

In its pre-close trading statement issued on Friday B&B, which is trying to sell non-core businesses including Charcol, says from its 3,950 employees, 150 have already been removed while 450 will be slashed between now and the end of next year. These will come from middle management, back office and support functions rather than customer-facing roles.

It adds that the disposal of Charcol, its estate agency, its surveyor and its IFA businesses is going as planned and that the release of its investment memo to potential buyers is imminent.

The trading statement also says Mortgage Express&#39 new and pipeline lending are both expected to be comfortably ahead of 2003 figures.

Steven Crawshaw, group chief executive at B&B, says: “Our core selective lending business has continued the strong performance it showed in 2003 and arrears are low. The buy-to-let market has continued to be robust. We have made progress in diversifying our funding base and have been able to accelerate our plans for the delivery of cost savings from the core business.”

•The Independent Banking Advisory Service has made a formal complaint against Bradford & Bingley. It was lodged with the Office of Fair Trading this month under the Consumer Credit Act and concerns &#39oppressive or unfair&#39 business practices.


Oxygen Home Loans launches into branded lending market

A branded lender has announced its launch into the UK mortgage market in partnership with Mortgages PLC. Oxygen Home Loans is a new trading division of the Leicester-based Oxygen Mortgage Group (formerly Custom Made Mortgages). Oxygen Home Loans products will be focussed on specialist product areas such as sub-prime and self-certification. Building on the relationships […]

Newcastle offers mix and match mortgage

Newcastle has announced a mix and match mortgage offering borrowers the security of a fixed rate and the flexibility of a variable offset combined. Borrowers can have part of their mortgage as a variable offset mortgage, which means they can use any savings to reduce, or offset, the interest paid on it. As this portion […]

The Money Centre offers electronic portfolio review system

Specialist buy-to-let brokerage The Money Centre has teamed up with Property Intellect, the property investment software published by Wild Rabbit Software, to offer clients the opportunity to potentially save significant amounts of money on their borrowings. Property Intellect users are now able to review their entire borrowing and asset portfolio and send this information instantly […]

St Andrew&#39s secures B&B mortgage protection account

St Andrew&#39s Insurance, a member company of the HBOS Group, yesterday announced that it has won the Bradford & Bingley mortgage payment protection account. This move will see both new and existing mortgage payment protection policies sold within the intermediary&#39s retail network, which consists of over 500 locations within the UK, transfer to St Andrew&#39s […]


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