The Merril Lynch subsidiary has today informed its staff that it has begun a consultation process with a view to making a number of roles redundant.
The lender did not give a specific number roles which are vulnerable, however it said that the figure could potentially run to 'approximately 20 per cent of staff in Glasgow, London and regionally.'
Peter Beaumont, deputy chief executive at Mortgages plc, said: “Mortgages plc, in common with most non-conforming lenders, has reduced its new business activities until such time as confidence is restored and the market resumes normal functioning once again.
"Reduced new business volumes mean that our operating costs also need to be managed. However, I would like to stress that Mortgages plc remains committed to the UK mortgage market.”
