CHL Mortgages put 40% of staff on consultation...

22 October 2008

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News broke yesterday that CHL Mortgages has placed 65 members of its marketing and sales division on consultation.

This follows the previous shedding of 50 employees in April for the company, which is the specialist lending subsidiary of Irish Life & Permanent.

CHL has also released a statement saying that there won’t be any new mortgage lending next year, as the firm wants to focus on managing its existing portfolio in an attempt to maximise profitability.

Blaming current market conditions, managing director, Bob Young said that although it was a regrettable decision, there was “no alternative.”

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