Mortgage misery extends to job cuts at UK’s 10th biggest lender

The UK’s 10th biggest mortgage lender, GMAC-RFC, is set to axe 280 staff as part of a cost-saving exercise that confirms speculation about a slowdown in the market.

GMAC-RFC cut 200 jobs in October 2007, according to business website, IFAonline. And the closure of its direct-to-consumer arm High Street Home Loans further reduced its head count to 600.

GMAC-RFC chief executive Simon Knight said he was committed to supporting affected employees.

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“The reduction in our workforce is a direct response to current market conditions, and reflects our expectation that these conditions will prevail for some considerable time.

“In a much smaller market, it is sadly necessary to take this step,” he said.