Preferred Mortgages and Southern Pacific Mortgages Limited (SPML), Lehman Brothers' UK mortgage brands, are to close to new business from 5pm today.
In a statement to brokers, Preferred and SPML said they would continue to service existing business.
Key dates for Preferred and SPML are as follows:
- Funds booking will cease at 5.00pm on 2 April 2008
- All applications must be received within 29 calendar days of receipt of the booking confirmation
- The last date for applications to be received will be the 1st May
- All cases must be offered within 10 calendar days of receipt of application Note: no offers will be extended past their normal expiry date
- All offered cases must complete within 90 calendar days from offer date. Final cases to complete no later than the 11 August
The news follows Lehman Brothers' announcement in February that it was to cut up to 200 jobs across its UK operations.
Last year, it shut its Southern Pacific Personal Loans and London Mortgage Company brands with 177 redundancies.
Lehman Brothers has been badly hit by the fall-out from the credit crunch and investor concerns following the sale of fellow investment bank Bear Stearns to JPMorgan Chase.IFAonline
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