Savills is closing subsidiary Savills Lending Solutions due to difficult trading conditions.
The SLS board consulted with its eight SLS staff earlier this month to decide the fate of the mortgage packager and after a three-week consultation, it was decided to close the business.
The packager has stopped taking new business and any pending applications must be received by close of business on Friday this week.
Managing director Rob Jupp says SLS is another victim of the current economic climate.
He says: “We are simply another specialist lending victim at the moment. The board of SLS took a decision that it was not currently tenable to cont-inue with the operation while market conditions continue as they are. We want to stress that the business will continue until the last completion happens.”