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Savills Lending Solutions enter consultation period with all staff

Savills Lending Solutions has today entered a consultation period with its eight employees, citing continued difficult trading conditions as the reason for the move.

SLS has not placed a time limit on the consultation process and says it will take as long as is necessary. Money Marketing understands staff at the Southend-based packager have been subject to two similar consultation periods in recent years.

Speaking to Money Marketing, Savills Private Finance director Simon Jones says: “It is a sensitive time. I am particularly concerned about the impact on the people involved.”

Savills Private Finance bought the mortgage packager from PTP Homeloans in September 2008. Prior to this the packager belonged to Personal Touch Financial Services.

The mortgage packager’s parent company, Savills Private Finance, recorded a pre-tax loss of £1.3m for the year ending December 31, 2009, following a loss of £1.9m the previous year.

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There is one comment at the moment, we would love to hear your opinion too.

  1. If mortgage lenders weren’t imposing such impossibly stringent underwriting criteria and if there was anything the government could do about it (which I don’t think there is), the house buying & selling market wouldn’t be so chronically constipated.

    Then again, house prices are still 50% higher than they should be, so the big correction that’s now long overdue may yet come to pass, one way or another.

    It’ll be painful for many, but we all know what should have been but what wasn’t done, and by whom, to prevent the present state of affairs arising. And who suffers? As usual, no one at Canary Wharf ~ all the people in the mortgage regulation division probably got handsome bonuses for churning out boatloads of largely useless theoretical guff without actually doing anything of any practical value to anyone. Same old,same old.

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