Rooftop Mortgages to close

Rooftop Mortgages has blamed unsustainable market conditions for its decision to close today.

The subsidiary of US bank Bear Stearns has told brokers that its entire range will be withdrawn at 5pm tomorrow.

Industry sources say the closure will be conducted in three stages.

Ginny Darrow, chief executive of Rooftop, says: “Market conditions have continued to deteriorate and with no signs of recovery in the securitisation and whole loan trading markets, which underpin our strategy, Rooftop’s origination business has become unsustainable.

“We are disappointed and saddened to be taking this step and I would like to thank all our partners for their support and friendship.”

Darrow adds: “We will ensure that the affected employees are treated fairly and looked after.”

Rooftop has issued information to its distribution partners relating to the treatment of pipeline business with a view towards closing the origination business by the end of July.