View more on these topics

Mortgage Next confirms 11 redundancies

Mortgage Next has become the latest firm to announce job redundancies, confirming that approximately 11 out of 73 jobs will be cut.

It says that the job cuts are primarily focused in the company’s packaging department which has seen volumes of sub-prime business reduce by more than a third over the course of the past two months.

Founding director Justine Tomlinson has decided to leave the company and in future the business will be presided over by a single managing director, Gemma Harle, with Lisa Barber taking on the role of sales & marketing Director.

Tomlinson says: “As a founding director of Mortgage Next, I have spent the past 11 years helping to grow the company into what is today a strong and well respected brand in the mortgage market. I believe Mortgage Next is in an excellent position to meet the challenges of a more demanding mortgage market head on and I have therefore made the decision that the time is now right to hand over the reigns to the rest of the management team to steer the company through its next phase of its development. I’m looking forward to spending more time with my young family and pursuing other interests.”

Chairman and founder Martin Maynard says: “The sudden downturn in the sub-prime market has left Mortgage Next with considerable over-capacity in our packaging department. We do not anticipate a quick revival of fortunes in the sub-prime sector and therefore have no option but to realign our processing capacity with lower anticipated future volumes of business.

He adds: “Looking to the future, we have extensively stress tested our business model against the most extreme and, hopefully, unlikely outcomes for 2008 and beyond and believe we are now in good shape to prosper in a more challenging market.”


Core of the crunch

Standing in the dealing room of a firm of London stockbrokers last week, I became aware that people were clustered around TV screens showing pictures of a plume of smoke over central London. As the news came in of a serious fire close to Canary Wharf, so the earlier bullish mood of the market evaporated and shares moved into freefall.

RBSIP cuts proc fees across brands

RBSIP has confirmed it will be cutting its procuration fees on its First Active, RBS and The One account products.The lender says that having been positioned at relatively high levels, this will brings its proc fees broadly into line with the rest of the market.Proc fees will remain unchanged on Natwest buy-to-let products.Proc fees for […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm