The news about Chase follows the recent closure of The Mortgage Operation which is believed to owe hundreds of thousands in proc fees to brokers.
Chase UK compliance director Simon Robins says the firm has not taken any new business for the last three weeks.
“We’re the latest in a line of sub-prime brokers such as Opus and Black and White to close down. Our owner Terry Pritchard is currently in the process of appointing administrators.”
As a result of Chase UK’s closure, 10 employees will lose their jobs.