What's happening to HBOS?

newrecruit

Just been offered a job with HBOS (Halifax) with a opportunity to become a mortgage adviser when I complete CeMAP. But I was told that HBOS is being broken up and sold off (which is a familar news) but also any new jobs there are doomed...is this true?
Any mortgage adviser jobs with Halifax is going to dissappear when Halifax estate agencies are sold off, I was told...This is rather worrying for those who is starting there.
Surely, those who has savings and investments with HBOS are concerned as well.
Much appreciate any inside info

opinions4u

newrecruit wrote: »

Just been offered a job with HBOS (Halifax) with a opportunity to become a mortgage adviser when I complete CeMAP.

I would guess that would be subject to a suitable vacancy arising and you showing the required competencies to fill the role.

I doubt very much that simply working for HBOS and being CeMAP qualified will guarantee you a mortgage adviser position.

But I was told that HBOS is being broken up and sold off

They are part of LBG (Lloyds). Over the next 4 years Lloyds are required to sell off C&G, a number of LTSB branches in England and Wales and LTSB branches in Scotland.

The Halifax and Bank of Scotland branches remain intact alongside the bulk of LTSB branches in England and Wales.

but also any new jobs there are doomed...is this true?

It's tough times for banking, but I would be very surprised if the Halifax/Bank of Scotland branch networks had any significant fat in them. So while I wouldn't see them increasing the number of mortgage adviser positions in the near future I would be surprised to see any redundancies from that sales force. It was cut significantly earlier this year.

Any mortgage adviser jobs with Halifax is going to dissappear when Halifax estate agencies are sold off, I was told

The Halifax brand operates in three key networks:

1) Bank branches - I would suggest that this is the jewel in the crown and not under any significant threat. Indeed, LBG seem keener to retain this than some of their Lloyds TSB branches.

2) Independent agencies - businesses licenced to operate a Halifax counter service. These businesses will often operate their own mortgage sales arm and all staff are employed by the agent and not by Halifax. The Daily Mail has reported that the Halifax may be conisering terminating the brand connection with these businesses.

3) Halifax Estate Agencies - this business has been sold (can't remember the name of the buyer) for £1. Counter staff will not be employed by the new owner. Estate agency and mortgage adviser staff will transfer under TUPE arrangements to the new owner of the business. The Halifax brand is not part of the sale.

This is rather worrying for those who is starting there.

Which part of the business is employing you?

Surely, those who has savings and investments with HBOS are concerned as well.

You seem to be rather ill-informed. I think you have a lot to learn before you start giving advice to people about mortgages.

Good luck!