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Lender announces job cuts

Tuesday 21st October 2008

The property slowdown claimed another specialist lender yesterday.

UCB Homeloans, owned by Nationwide, is to be shut - leading to the loss of nine jobs.

Nationwide retains specialist lender The Mortgage Works - which, it said, it would concentrate on for the future.

News of UCB Homeloans' closure follows the announcement yesterday from Money Partners that ten staff would lose their jobs.

The continuing freeze in inter-bank lending has put severe pressure on many small mortgage lenders, as the lack of credit has limited their ability to allow new loans for customers.

Falls in house prices have also led to a tailing-off in customer interest.

Halifax and Nationwide both agree that the value of the average property has dropped by over 12 per cent, while Ernst & Young foresees an overall fall of nearly 25 per cent by the end of next year.
Figures from the Council of Mortgage Lenders also revealed yesterday that the gross amount of credit extended to borrowers for September fell 42 per cent over the past 12 months.

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Posted By vasudev on Tuesday 21st October 2008 11:11:01

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