The firm will no longer be accepting additional credit card, bank account and personal loans holders, following a corporate shake-up by owners HBOS.
Intelligent Finance is to stop offering credit cards, current accounts and personal loans, owners HBOS announced today.
According to the financial firm, the changes will come as part of a general restructuring exercise - and will result in Intelligent Finance only offering offset mortgages. Current credit card, loan and account holders will not be immediately affected by the move.
HBOS admitted, however, that around 400 jobs would be lost as a result.
In addition to the closure of Intelligent Finance products, HBOS-owned The Mortgage Business will also cease to trade under the corporate shake-up. As specialists in buy-to-let and self-certification mortgages, both of which have been hit especially hard by the credit crunch, this unit had suffered financially over recent months.
Current The Mortgage Business customers will now have their loans underwritten by Birmingham Midshires, another mortgage firm currently owned by HBOS.
The move has been attacked by trade unions. Speaking to the Times newspaper, Graham Goddard at Unite said: "This is a further blow for jobs in the UK financial services sector being brought about by the credit crunch and changing economic climate. Our priority is to do our best to ensure these losses are dealt with through voluntary redundancy."
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