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Axe falls on Savills Lending Solutions

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  • 27/08/2010
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Savills Private Finance has announced today that it is to close its subsidiary Savills Lending Solutions (SLS) due to the ongoing difficulties in the specialist sector.

SLS has stopped accepting new business with immediate effect, while cases with a decision in principle will be accepted until 5pm on 3 September.

Rob Jupp, director of SLS, stressed that the business will only fully close once the last case is completed and that all broker fees will be paid.

The decision comes after all eight SLS staff went into consultation on 9 August.

Jupp said: “The specialist market has not improved enough in the short to medium term for a business the size of SLS to feel confident that it can trade comfortably.

“Sadly, the closure of SLS was an inevitable decision and one that was not taken lightly.

“However, I do believe the specialist market will improve in the future – it’s a question of when. The UK mortgage market needs a vibrant and dynamic specialist sector, and intermediaries are struggling because it’s not there.”

Jupp said he is now looking forward to spending time with his young family, but confirmed he aims to return to the mortgage industry in the near future.

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