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Online-mortgage lender Better is firing roughly 3,000 employees in the U.S. and India as rising interest rates weigh on the volume of new loans.]

The total represents about 35% of the company’s workforce, according to a person familiar with the matter who asked not to be identified discussing private information.

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“Unfortunately, that means we must take the difficult step of streamlining our operations further and reducing our workforce in both the US and India in a substantial way,” said Interim President Kevin Ryan. “This decision is driven heavily by the headwinds affecting the residential real estate market.”

Better eliminated approximately 9% of its workforce last year, announcing the move in a video conference call. Chief Executive Officer Vishal Garg later apologized for how that round of cuts was handled and took a hiatus before returning in January.

This time, the company said it would contact all of the affected workers personally. All will be eligible for severance payments, and U.S. employees will receive extended medical benefits.

Ryan, in an email sent to employees, said the layoffs were “no way a reflection on the personal performance of any departing team members, all of whom have contributed to Better’s success.”

The job cuts were previously reported by TechCrunch and the New York Times.

BEING mortgage-free is many homeowners’ dream, and property expert Ben Merritt explains how you can make it a reality in just 10 years.

Mr Merritt, director of mortgages at Yorkshire Building Society, has five tips for paying off your mortgage ahead of schedule – and they could save you thousands of pounds too.

Mr Merritt explains how you can pay off your mortgage in just 10 years

Mr Merritt explains how you can pay off your mortgage in just 10 years

If you take out a loan to buy your house, you will agree to paying back a minimum amount to your lender each month.

But homeowners might not realise they can pay back MORE if they want to, and it could lead to being mortgage-free earlier than you’d planner.