Managing director, Gordon Jolly, confirmed the lender's decision to 'pause for breath' as a result of the ongoing difficulties within the mortgage market.
He added that the firm's inability to go down previously viable securitisation channels had affected its risk outlook. This has subsequently led to the decision to pull back from the market until conditions normalised.
All pipeline business will be honoured, with Amber focusing on administering its £1.5 billion worth of existing loans under finance director Paul Gittins.
Majority of affected staff are likely to be absorbed into existing channels either within Skipton Building Society or Homeloan Management, however not all staff are to be let go.
Jolly will move over to Skipton’s operational board as general manager responsible for the Society’s credit and lending function.
