Large scale job losses as Essential Mortgages goes under
A source who contacted Mortgage Introducer said Essential Mortgages in Wolverhampton had closed down and that its 120-140 staff have received letters today giving them formal notification that they'd be losing their jobs. The source stated that Essential was allegedly trying to do a deal with a life company and was reliant on this deal for money, but that the money failed to come through.
The source also believes the directors of Essential are planning a different venture following the collapse of Essential, but details are not known.
All telephone calls for Essential Mortgages have been diverted to Manor Mortgages, which packages mortgage cases for Essential.
A spokeswoman at Manor Mortgages confirmed that Essential Mortgages had ceased trading last Wednesday, but did not provide a reason. Manor is now dealing with any enquiries from customers of Essential.
Reports in the local Wolverhampton press suggest around 3,000 people whose mortgages were co-ordinated by Essential are now facing the task of re-arranging their accounts and some may have lost fees paid through the company.