Sub-prime slump claims sales jobs at Freedom

Freedom Finance has axed 14 em-ployees in response to a downturn in sub-prime lending.

This follows the culling of 40 jobs at Freedom and subsidiary Mortgage Next at the end of November.

The recent job losses affected 11 field sales advisers and three field sales managers.

Richard Beaumont, managing di-rector of the Cheshire-based brokerage, says: “At a conservative estimate, we have seen a 40% fall in the ability to place sub-prime clients since the liquid-ity crisis.

“Products are not available at the moment, so the rationale for having a national field sales team to place them doesn’t exist either.”

Meanwhile, Freedom plans to ex-pand its internal sales team from five to eight and recruit a new manager. The internal sales team is responsible for near-prime and prime business.

The 14 axed field sales employees can apply for the internal roles.