Lloyds mortgage rate switches
A brief history of Lloyds, Halifax and BM Solutions
Lloyds Bank was founded in 1765 in Birmingham as Taylors & Lloyds. The business grew to become one of the big four clearing banks in the UK.
In 1995 Lloyds merged with TSB to form Lloyds TSB.
Halifax was founded as Halifax Permanent Benefit Building Society in 1853 in West Yorkshire. The name was changed to the Halifax Building Society in 1873.
By 1997 Halifax had become the world’s largest building society and one of the U.K.’s biggest mortgage lenders. At that point Halifax was converted from a mutual building society into Halifax plc with the largest share issue seen on the London stock exchange up until that time.
BM solutions grew out of Birmingham Midshires building society which became part of the Halifax group in the late 1990s. With the addition of Bank of Scotland to the group this banking and lending Group became known as HBOS.
By the early part of the 21st century, Lloyds was one of the biggest banks in the UK, Halifax the U.K.’s biggest residential mortgage lender, and BM Solutions the UK’s biggest buy to let lender.
HBOS Lloyds merger
During the financial crisis of 2008 HBOS suffered severe losses and with the support of the UK government Lloyds TSB agreed to acquire the HBOS group.
The group became known as the Lloyds Banking Group in 2009 and contained many well known financial services brands.
- Lloyds Bank
- Halifax
- Bank of Scotland
- BM Solutions
- Scottish Widows
- Lex Autolease
- Black Horse
- MBNA (acquired later in 2017)
Lloyds Banking Group Changes for 2027
In July 2026 Lloyds banking group announced that it was retiring the Halifax brand name early in 2027, and Halifax customers will see the business branded as Lloyds. The same process is also intended for BM solutions on a slightly longer timescale.
Lloyds bank mortgages product switches
Currently both Halifax and BM solutions run distribution of their products and services through mortgage brokers. This is known in the financial services market as an intermediary channel. Lloyds Bank do not run an intermediary channel for their mortgage business. They currently do all their mortgage business direct with the borrower online and through their high street branches.
Currently, therefore, mortgage brokers cannot handle Lloyds bank mortgage product switches.
We can, however, continue to assist with Halifax mortgage product switches and BM solutions mortgage product switches as before. This will continue for Halifax and BM solutions customers under the Lloyds brand.