SEVEN hundred staff will transfer to Barclays when the bank takes back its mortgage processing business from Dartford-based Global Home Loans.

The bank is also selling its 30 per cent in the company.

GHL, based on Crossways Business Park, has been a joint venture between the bank and Countrywide Financial Corp.

But Barclays believes that it will reap greater business dividends from undertaking the whole process from point of sale to end-processing than from outsourcing.

All 700 staff currently working at GHL on Barclays mortgage business – branded under the Woolwich name – will stay where they are but transfer to the bank.

Barclays will license GHL’s technology for three years. The company offices will be renamed Barclays in due course.

Mike Rogers, managing director of Barclays UK Retail Banking, said: "Further growth of our UK residential mortgage business is a strategic priority for the retail bank.

"The Woolwich, which is Barclays mortgage brand, is powerful and well recognised and we are investing heavily to deliver great product and servicing to customers.

"In support of this we have made a strategic decision to take direct control of our mortgage operations from product development through to sales, processing and beyond."

Commenting for GHL/Countrywide, Simon Hinshelwood, chief executive officer of GHL said: "We are committed to facilitating a smooth transition with them.

"Following Countrywide’s acquisition of the remaining stake in the joint-venture, GHL will be able to better leverage Countrywide’s deep mortgage lending expertise as we focus on building our mortgage business in the UK."