Two leading mortgage brokers – Chase de Vere and Cobalt Capital – have been forced to call in the administrators last week, blaming ‘appalling conditions’ in the mortgage market. There are fears that as many as 5,000 brokers are likely to go bust by the end of the year. Around 400 Chase customers who were in the process of applying for their mortgages have been reassured that their cases would go through. As brokers do not hold the funds used to purchase properties borrowers were told they did not have to worry about losing their deposits.
