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The Bournemouth-based network is trimming its staff from 68 to 50, making cuts across a range of departments.

Sally Laker, managing director of Mortgage Intelligence, said this was the first time since its formation in 1996, that the firm had been forced to make job cuts.

However Ms Laker said certain positions had not been refilled in the last 12 months when staff had moved on.

She said: "Where we did not need to replace we did not replace."

Ms Laker said it was prudent to ensure the business was in the right shape for the current market

She said: "This decision is regrettable but we are not immune to the difficult conditions in the mortgage industry and we must adapt accordingly.

"We will of course continue to maintain the high level of service and compliance standards our advisers know us for and our financial stability will allow us to weather this storm."

Speaking at the Mortgage Intelligence annual conference last year, Ms Laker said the organisation had seen many ups and downs in its 11-year history but it had always proven its ability to read and react to warning signs.