The lender had confirmed rumours that it was to make 'a number' of redundancies at the end of last week, however it did not specify exactly how many employees would be affected by the decision.
Job cuts are to be made across the business, affecting majority of Money Partners' departments.
Colin Sanders, CEO of Money Partners said: “The continuing absence of liquidity and willing buyers for mortgage-backed assets leaves us with no choice other than to reassess what shape and size of business we need going forward.
"With a heavy heart therefore, we will shortly enter into consultation with a number of our employees regarding possible job losses.”
The 30-day consultation period is expected to begin on or around 26 March.
