Springboard are ceasing trading

Mortgage lender Springboard have announced today that they will be ceasing trading. In a phone call we received today they said that it was down to group funding. There will be an official announcement later today and we have to say that we are saddened to see this latest development.

Springboard won the PIBA Service Excellence award, while they were a specialist lender and many of their competitors have ceased trading in the last two years, it is a situation where, despite doing the right things in terms of their distribution and efficiency that the market funding was simply too unforgiving.

We wish everybody in Springboard the best of luck with whatever they do next, we always found them to be a great set of people not only as a group but also as individuals. Springboard were a fully owned subsidiary of PTsb.

Comments

  1. anonymouse

    Weren’t they a sub-prime lender? Are they not all closing?

  2. actually they were specialist and ‘near prime’ there is a difference – they also didn’t close due to book failure or not being liquid, it was because they are unable to access more market funding at present via their parent company.

  3. Louise

    This is a massive loss to the industry. Springboard are an excellent lender. Unfortunately, now more than ever, the services of specialist lenders will be required more and more, given that half the country is currently in arrears on loans or mortgages.

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