Jobs axed as credit crunch hits lender (From Daily Echo)

Jobs axed as credit crunch hits lender

9:02am Thursday 13th December 2007 in

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HUNDREDS of staff at a Hampshire mortgage lender face an uncertain Christmas after the company went into administration.

Already 80 of the 250 workers at TML's Whiteley headquarters have been laid off and the rest are waiting to hear if they will have a job in the new year.

The firm specialised in arranging higher risk sub-prime mortgages and has fallen victim to the so-called credit crunch in a similar way to Northern Rock.

Mortgage customers are unaffected because TML only acts as a middle-man between borrowers and lenders.

Administrators described the company, which was sold for £25m just five years ago, as "attractive" to potential buyers and hope to sell it as a going concern.