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The move has also meant that Batchelor has had to resign from his position as executive director of the Intermediary Mortgage Lenders Association (IMLA).

A spokesman from Lehman Brothers said: "Mr Batchelor has left under the recent restructuring that took place. He has taken redundancy."

The move follows the announcement in April that Lehman Brothers' was suspending UK lending through its subsidiaries Preferred Mortgages and Southern Pacific Mortgages Limited.

Batchelor confirmed he had left the company two weeks ago and was now "considering his options".

He said: "I am seeing what is out there. It gives me an opportunity to look at what I want to do. I would obviously love to stay in the mortgage industry but there are some opportunities outside of that."

Bob Young, chief executive of CHL, is expected to take over Batchelor's position at IMLA until its next elections in early October.