The marketbrands are Halifax, Bank of Scotland, The Mortgage Business, Intelligent Finance and Birmingham Midshires.
HBOS confirms that it will disclose the name and the total amount paid to all parties involved in the arrangement of the mortgage contract. This will include direct or indirect payments to authorised firms and third parties, including unregulated mortgage clubs and packagers.
Phil Jenks, head of mortgage strategy and development at HBOS, comments:
"The FSA's position on disclosure of material inducements is very clear. There should be no grey areas in the process between lender and borrower. It is down to the industry to drive this transparency forward in all sections of the market.
"The cornerstone of mortgage regulation is to emphasise transparency and enable borrowers to make an informed choice. Borrowers should therefore be able to see the costs associated with their mortgage application."
