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Base Commercial suspends new lending

Base Commercial has become the latest lender to temporarily suspend new lending due to the difficult market conditions.

The lender says market conditions have driven up the cost of funding to such an extent that it is not currently possible to continue lending.

It says it has the continued support of its investor and will continue to work together to source lower cost funding so that it can resume lending as quickly as possible.

Base says it will work together with its partners to complete the cases currently under offer.

NACFB chief executive Adam Tyler says: “It’s a real shame to hear that Base is having problems, but it’s also good to hear that they have decided to take early action which allows them to honour their existing pipeline of business. This means that any broker, who has managed to secure an offer for their client, won’t have the rug pulled from under them.”

“Base had recently restricted their distribution to selected brokers and NACFB members which means that hopefully any impact on application business will be minimal.

“As ever, if any NACFB member needs a pointer as to where to place any cases they can contact the Exeter office who can help. I would like to wish Base every success with their plans and look forward to welcoming them back to the market very soon.”


Protection can profit from crunch times

The protection industry is well positioned to take advantage of the credit crunch although a number of tough challenges lie ahead, according to speakers at the Protection Review.

Pluck runs out

Last week, the second series of the TV drama Heroes came to an end on BBC2.

Online PPI sellers miss deadline

Many online sellers of payment protection insurance have failed to comply with the FSA’s new eligibility requirements by the July 6 deadline, says British Insurance.

DB transfers – one more factor to consider

Jim Grant – Senior Product Insight & Technical Support Analyst We look at how higher DB transfer values could cause a lifetime allowance issue and how that affects the advice process. Advisers are receiving an increasing number of requests from clients looking to transfer their pension from final salary schemes to personal pensions. This is a […]


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