Base Commercial Mortgages has suspended all new lending from today, but says it will honour outstanding offers.
The firm has been running for less than a year, having started just as the UK mortgage market began to hit trouble with the collapse of Northern Rock.
It says market conditions have driven up costs to such an extent that it is not possible for them to offer viable products.
Base says it will work with its investor to source new lower cost funding lines and hopes to return to the market soon.
If you would like to comment on this story, contact:
Tel: 020 7484 9805
e-mail: [email protected]
'People miscalculate how much they need'
Information request by AJ Bell
Could lose 97% of investment
'Document your conversations'