The Money Centre to cease trading tomorrow

17 December 2009 | By Natalie Thomas

The Money Centre is to cease trading tomorrow due to Lloyds Banking Group’s decision to stop accepting its mortgage applications.

The company says it is not closing down but will remain in place to deal with current applications already submitted.

A spokeswoman for the firm, says: “We will not be taking any further enquiries or future business after close of business Friday 18th December 2009.

“I can confirm that our inability to refer our clients’applications to Lloyds Banking Group has seriously affected our status and our ability to treat customers fairly. Accordingly, the business has been left with no real choice other than to cease providing advice and accepting all new applications.

“All existing applications will continue to be processed as normal and we are considering our position very carefully. All staff remain on risk of redundancy until further notice.”

Mortgage Strategy revealed yesterday that Lloyds Banking has stopped accepting mortgage cases from the brokerage.

It has not yet revealed why it has stopped accepting applications.

Mark Alexander and Michael Woodfine founded the buy-to-let brokerage in 1990, with Clive Mason becoming a partner four years later.

Readers' comments (22)

Anonymous | 17 Dec 2009 4:06 pm
A very very very sad day for our industry. The fact that Lloyds has not confirmed their reasons for their decision makes it even sadder in my opinion.
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Anonymous | 17 Dec 2009 4:07 pm
Terrible shame. The Money Centre is a great company. The industry has lost one of its 'greats'
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Anonymous | 17 Dec 2009 4:16 pm
Yet again the banks ride roughshod over everyone and do not have to be held to account for their actions.
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Anonymous | 17 Dec 2009 4:19 pm
Very strange indeed if Lloyd's have a legitimate reason to stop accepting cases why all the secrecy?
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Anonymous | 17 Dec 2009 4:23 pm
It is so sad to see this happen to one of the companies with a real understanding of the Buy to Let market.The industry may well lose yet more good people which is a sad reflection of the times.
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Anonymous | 17 Dec 2009 4:26 pm
Isn't it time the blame stops getting shifted from normal decent brokers and the lenders accept what they have done. Market Share at any cost and even lender BDM's stretching and coaching the brokers to place Grey cases has caused this mess. Stop blaming Brokers and start looking in your back yard. LLoyds TSB should never have been given a monopoly. It stinks!!
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Anonymous | 17 Dec 2009 4:26 pm
The lack of a reason is very disturbing and casts a shadow. I am sure all will be revealed, but it would appear from the other readers that this was a well run company and therefore I echo the other feedback of banks running roughshod over everyone else. This industry is in freefall and the big guys are are protecting themselves and to hell with the rest.
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Anonymous | 17 Dec 2009 4:28 pm
From another angle, it seems fairly clear that LBG wouldn't want to give up such a good source of business without a very just cause. I suspect that their refusal to provide specifics is more down to sparing TMC from future embarrassment rather than an inability to prove that the business has been of an unacceptable nature.
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Anonymous | 17 Dec 2009 4:29 pm
I wonder if Lloyds / HBOS will accept mortgage applications from the individuals who work for TMC if they move to another company.
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Anonymous | 17 Dec 2009 4:30 pm
Without all the facts not possible to say who did what and who the bad guy is.
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