Jobs risk at online mortgage firm

Moneypilot says it has been affected by the current credit crunch

About 26 jobs are at risk at an online mortgage advice provider which is part of The Principality group.

Moneypilot blamed what it called "unprecedented financial market conditions" for the decision.

It said it had to "align" the business to the "realities of a very tough marketplace".

The company said the 39 staff based at its head office in Cardiff had been briefed on the changes and that it was providing support for those affected.

The news follows a series of jobs blows in Wales over the past week.

On Tuesday banking giant Barclays announced it was cutting 300 jobs at its home loans division in Cardiff.

Firstplus, which employs around 430 at its base in the Pentwyn area of the city, said it was no longer taking on new customers due to slowing demand.

Persimmon, Taylor Wimpey and Barratt Developments have all announced job cuts and warned on the outlook for the housing market for 2008.

Also Bovis Homes and Flintshire-based Redrow earlier announced a sweeping reduction in their workforces.

Staff numbers will be cut by 40% compared with the beginning of the year at both firms.

The credit crunch and drop in the number of affordable mortgages are to blame for the market problems, they said.

The Principality, which is based in Cardiff, has more than 50 branches across Wales, and more than 400,000 members, and is a significant player in the Welsh economy.