Mortgage company closes doors
Non-conforming mortgage manager Majestic Mortgages yesterday announced it would close its doors and cease operations immediately. Managing Director Trevor Scott blamed lower levels of activity due to the credit crisis as the main reason for the closure. "In operations like this you rely on great levels of volume coming through to offset the costs," he said. "We had a top heavy operation which was quite expensive to fund, and this was coupled by the fact that our diverse panel lenders was tightening their products daily." Three of Majestic's fourteen staff have been made redundant with the rest being offered jobs by Challenger which had a stake in the company.
Source: Broker News