Savills has decided to close down its packager Savills Lending Solutions almost three weeks after it entered a consultation with staff.
Savills Private Finance director Simon Jones said, earlier this month, the decision was made due to continued difficult trading conditions.
The mortgage packager, which had eight staff, is to stop taking new business enquiries with immediate effect and any pending applications must be received by close-of-business on September 3.
Savills Private Finance managing director Mark Harris says: “SLS would like to thank all business partners for their support over the last two years and we will ensure that pipeline cases are managed and procuration fees paid in the normal way.”
Savills Private Finance bought the mortgage packager from PTP Homeloans in September 2008. Prior to this the packager belonged to Personal Touch Financial Services.
Yesterday, Savills reported a £14.4m pre-tax profit for the first six months of 2010, up from the £0.1m pre-tax profit registered for the first half of last year.