Following Cheltenham and Gloucester's announcement last week that they will stop accepting intermediary applications after 31st March, Lloyds Banking Group's (LBG) BDMs have been told they will all need to re-apply for their jobs as part of the shake up.

LBG announced that the C&G brand will remain available directly to consumers but will no longer be an option for mortgage brokers from the end of the month. The Group announced that their intention was to streamline the options available to allow brokers to use Halifax for for mainstream lending, BM Solutions for buy-to-let and [on a limited basis] Scottish Widows Bank for offsetting and other flexible mortgage facilities through its professional mortgage and flexible mortgage. C&G had not been a major player in the broker market, but this will still be seen as another loss of choice to the sector.

570 jobs are set to be lost as part of the move and LBG BDMs will among the losses. All BDMs will need to reapply for their jobs in a move that will dishearten some as this will be the fourth time they have done so in seven years!