Leeds property transfer and conveyancing firm Fox Hayes has announced the closure of its remortgage department.

Chief executive Stephen Coupland told the Financial Times that due to a lack of work from lenders, demand for remortgages had decreased to such a level that the remortgage unit was no longer financially viable.

Many jobs could be lost, Coupland said.

He added: “This is not a reflection of our service and the panels. Lenders have no issue with us.

“It’s just a case of there not being enough work.”