Specialist lender CHL Mortgages, the UK subsidiary of Irish Life & Permanent plc, has announced a redundancy plan for approximately 50 staff out of a total workforce of 250.

The move reflects the company’s plans to slow mortgage growth in the current year (2008) while focusing on credit quality and margins.

Bob Young, Managing Director of CHL Mortgages, expressed regret at the implications of the move for staff numbers. He said: “Unfortunately this move will have consequences for staff numbers in the business. We have briefed staff on the impact which we believe will lead to a reduction in headcount of approximately 50 people.”