Bank of Scotland, Halifax and Lloyds to close 176 branches in 2024/25
Lloyds Banking Group will close at least 176 of its branches over the next two years after announcing another 53 closures this week.
In the latest announcement, Lloyds is closing 21 branches, Halifax is closing 22 sites, and Bank of Scotland will close 10.
In February, Lloyds Banking Group said it was axing about 1,600 jobs across its branch network as it shifts away from in-person banking and towards online and mobile banking. Lloyds Banking Group currently has 1,154 branches left.
As technology advances, the number of borrowers who prefer to do their banking in a branch has reduced. However, the drive to streamline services and reduce costs is undoubtedly a factor. Many banks and building societies have also removed their branch-based mortgage advisers.
How are people getting mortgages?
Many borrowers now go online to secure a mortgage, whether via a broker or directly to the lender. The issue is many people have complex financial situations, and they need advice to secure a mortgage and the most competitively priced and suitable rates.
How many mortgages go through brokers?
According to Mortgage Strategy magazine, in 2014 brokers held only a 61.9% share of mortgage distribution, up from a low of 47% in 2012.
The Intermediary Mortgage Lenders Association predicts that 90% of all mortgage business will be conducted through brokers this year.
Banks and building societies have set up large departments to process applications submitted via brokers like Trinity Financial. They also have teams of business development to help make the process of applying for a mortgage easier and agree to cases that may be outside standing lending policy.
Face-to-face mortgage appointments
Trinity Financial's brokers are available for face-to-face mortgage appointments in our Angel or St James's offices. Many of our clients call us to secure their mortgage, although some prefer a meeting.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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