View more on these topics

Purely Mortgages sheds 19 staff

Purely Mortgages has shed 19 of its 45 sales staff, the Times newspaper has reported.

The mortgage broker, which is majority-owned by Vincent Tchenguiz, has reportedly told its staff their job losses are part of a restructuring of the firm.

Purely Mortgages has already had two previous financial restructurings in the past nine months.

It was disclosed that the business handles 40m of loan applications each month but to break even it would need to be handling about 80m.

It was alleged that Tchenguiz put 2m into the business to try to keep it afloat and his stake in the company thus increased from 50% to 90%.


Legal package for employees

Lawyer4Life has launched an employee package that adapts the L4L formula of lifetime legal advice to help employers offer a legal service for employees to assist with the recruitment, retention and rewarding of staff.

Equity release market needs greater competition, says NU

Norwich Union says the equity release market needs more high street providers, greater competition and a wider range of products if it is to continue growing.Daren Carter, director of sales and marketing at Norwich Union Personal Finance, says: A Social Market Foundation report into the equity release market [commissioned by Norwich Union] said that if […]

Halifax denies wanting to kill off remortgaging

Halifax has denied that its reason for offering a retention fee is to kill off the remortgaging market. Alan Cleary, managing director of edeus, is warning brokers not to be fooled by the offer of a short-term fix but instead to consider the longer term implications. He says: “Lenders in the prime sector can’t make […]

Rate change will hit borrowers, say Lib Dems

The Liberal Democrats say the rate change last week will hit those in debt, especially borrowers with variable rate mortgages.Shadow chancellor Vince Cable says: The rise in interest rates points to serious concerns over high energy and house prices.“The impact of this rate rise will be felt most severely by those with variable rate mortgages.“At […]

The return of inflation

Alex Ralph, manager of the Artemis High Income Fund, sees further pressure on government bonds as inflationary pressures build on both sides of the Atlantic.


News and expert analysis straight to your inbox

Sign up