The lender will be letting approximately 90 of its employees go in efforts to restructure its mortgage business to reflect the current market conditions. These cuts will not be restricted to one particular area of the business.
Advantage has stressed that it is still committed to the UK mortgage business and predicts it will see a significant uplift in 2008. It is confident that the improvements it is continuing to make to its technology platform will mean that there will be no impact on the level of service received by brokers, packagers and their clients.
Keith Dearling, managing director at Advantage said: “The current capital markets environment and the anticipated impact on the UK mortgage market has necessitated a reduction in the headcount at Advantage to ensure our continued success."
