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HBOS will lose 325 jobs from its mortgage operation, while another 100 will go from its IT section.
According to the Financial Times, the lender also said it would close down one of its five mortgage brands following a 72 per cent slump in first-half profits to £848 million.
On of the aims of the shake-up is to reduce duplication between brands, the firm said.
Nigel Stockton, head of intermediary mortgages at HBOS, commented: "This is a more effective way of operating the brands and will help remove duplication."
The development comes at a time when the gross UK mortgage market is expected to contract from £369 billion last year to £280 billion this year.
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