Savill's Lending Solutions, a mortgage financing division of high-end real estate agent Savills, is facing closure as UK mortgage lenders struggle with a stagnating property market.

The team of eight at Essex-based Savill's Lending Solutions is under threat of redundancy after a consultation process was started this week, a representative confirmed. This is the second time staff were placed under consultation, after the process was initially launched in December due to bad market conditions.