GEMHL set to close Wolverhampton office

GE Money Home Lending is set to close its office in Wolverhampton as a result of the current volatility in the market.

The closure could result in around 100 job losses in processing and origination, some of which will be from the secured loan side.

Staff will now enter a 30-day consultation period to see if they can be placed elsewhere within GE’s UK operations.

The specialist lender has had a rough couple of weeks including a £1.2m fine from the Financial Services Authority and increased the rates and fees on a number of products.

A spokesman for GEMHL, says:“Given the continually deteriorating market conditions and the impact this is having on business volumes in the UK mortgage market, we regularly review our operations, processes and resources to ensure we have the appropriate teams in place to respond to market realities.

“As a result we are proposing to consolidate certain operations and processes within our business, which will result in the closure of our Wolverhampton office, as well as rationalising some of our onsite underwriting and risk teams to our core operating sites.

“Whilst it is never easy to announce changes which could affect employees, our key focus will be on ensuring that potentially impacted employees are fully informed and consulted throughout the process.”