Mortgage Times network beauty pageant cancelled

8 January 2010 | By Natalie Thomas

Which Network has been forced to call off its planned network beauty pageant for former Mortgage Times appointed representatives due to adverse weather conditions.

The event, which was to showcase five major networks in a bid to help Mortgage Times ARs resume trading, has been cancelled because of the snow and icy conditions currently gripping the UK.

Paul Day, director of Which Network, says: “We had considered postponing the event further but feel the impetus would have been lost as the majority of registrations are former Mortgage Times ARs who will be keen to sort a new home as soon as possible.

“Add this to the fact that this weather is forecasted to last for at least the whole of next week and possibly some time after that, we felt we have been left with no option.”

Day says that he is disappointed to cancel the event as it had been well received by brokers with high levels of registrations.

He is in the process of contacting brokers who have registered to attend, and says that anyone who still wants help in finding the right network should get in touch.

Day adds: “Although we are disappointed this does show that there is definitely an appetite for this kind of event. The format has got legs, and we will look to use it in future.

“My sympathy goes out to Mortgage Times ARs and the staff, and I hope they can move on and eventually recoup their losses.”

Staff were told on December 21 that the network had been placed in administration.

ARs were also sent an email saying that Mortgage Times had applied to change its regulatory permissions, meaning that brokers with Mortgage Times could no longer trade.

If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat

Readers' comments (17)

Ian Rogers | 8 Jan 2010 3:38 pm
What exactly is Which Network trying to achieve by this event ? MTG were going down the pan for a long time. Having gone through this with Network Data, gimmicks are not what is needed, get a new network, forget about any commission owed and move on as quickly as possible
Unsuitable or offensive? Report this comment
Joe | 8 Jan 2010 3:43 pm
I couldn't wait for any "pageant". I completed application forms to join Julian Harris Network on the 21st Dec and am now fully authorised and on the FSA register. One Bright Grey policy already written. Wake up!
Unsuitable or offensive? Report this comment
Gary Watts | 8 Jan 2010 3:51 pm
My apologies to Ian if we have not been clear in our communication but what he is saying is exactly what the showcase was designed to do. I agree entirely with his sentiment and as Paul has already said we will pull out all of the stops to help any Mortgage Times AR who contacts us.

It is equally important however that Brokers find the right network and do not just sign up with anyone available, it is extremely important that any potential network needs to be both stable and suitable for their business.
Unsuitable or offensive? Report this comment
Garry Heath | 8 Jan 2010 3:53 pm
No Beauty parade?

That's ugly

Sorry is late on Friday aftrnoon
Unsuitable or offensive? Report this comment
Alan Shaw | 8 Jan 2010 4:00 pm
My experience of networks, for what it's worth!!!

When i dragged the company kicking and screaming away from a directly authorised company to that of being an AR of a network, i looked closely at many Networks.

We moved to AR's in September 2008.

I had meetings with:
Network Data
Mortgage Times
Homeloan Partnership amongst others.

I felt that Network Data whilst very professional in the meeting ran a fairly glamourous network with a large head office and large marketing budgets etc.and i made a decision against them based on the feeling that my fees would be going towards the running of their substantial overheads.
No need to mention how relieved i was when they hit trouble.

I discounted Mortgage Times on the gut feeling that they gave the impression that they were infact a packaging company that decided to grow into a network, possibly funded by the 'packaging' fees recieved from lenders. I also found them a little aggressive if the truth be known.

We chose Homeloan Partnership on the basis that they have only ever been a network and had never relied on packaging income to supplement the network costs. Also when visiting their offices I was pleased to see that far from being a plush and expensive to run outfit, they ran a very modest operation. I didn't want my fees to fund a champagne charlie lifestyle for the Directors of my Network so chose them to join.

I have to say that the time spent with the network has been far more enjoyable and beneficial than I first thought possible.

I find they have a great balance between understanding the very real operating conditions we currently have and the compliance necessities imposed by the Regulators.

The staff there are always helpful and i have never had an issue with commission payments.

Whilst not a large brokerage we do arrange well in excess of 30 mortgage per month so feel we have 'stress tested' the network sufficiently well.

I have no vested interest in recommending them as a network and they don't even know that I am writing this. I just felt that with so many ex Mortgage Times brokers maybe looking for direction in joining another network I would add my thoughts.

Good luck to to all the ex MT brokers out there, whatever decision you make.
Unsuitable or offensive? Report this comment
Ian McIver | 8 Jan 2010 4:41 pm
I said before that it's far easier just to ask for core details from a few networks (including IFA networks) and you're halfway there.

Anyone wanting details - just email me on ianmciver@whitechurchnetwork.com

Ian Mciver
0117 373 0442
Unsuitable or offensive? Report this comment
Anonymous | 8 Jan 2010 4:42 pm
Now that they are in the business, what if Virgin offered an AR service, they could start this by holding a "Virgin Beauty Pageant" - now that would certainly get some attention!
Unsuitable or offensive? Report this comment
Lea | 8 Jan 2010 5:12 pm
The key is talking to existing AR's of these "other" networks. The question is. What is it like to be part of .... network? Happy New Year
Unsuitable or offensive? Report this comment
Anonymous | 8 Jan 2010 6:16 pm
As an ex-Mortgage Times broker I was really dissapointed that it was cancelled as I was going to call along and take the wife for a day out with a bit of lunch, The good news is that the company organising it has now called me up, apologised, and they are now looking for a new network for me. and I didn't have to take the wife anywhere!!!

Sorry this is anonymous but she's in the biz and I'm too young to die!
Unsuitable or offensive? Report this comment
Steve A | 8 Jan 2010 7:52 pm
I can't believe the tone of some of these postings. I suffered financially when Network Data went down and wasted far too much time making up my mind about which network to join. If ex MT AR's are serious about staying within the industry they should have been talking to networks from December 21st not waiting for some "gala". I can only assume these lighthearted individuals have healthy savings and/or their partners have well paid jobs. I had neither. Some words of warning, watch out for those networks who have long notice periods. Do not sign-up for anything longer than 3 months. Some have only a 1 months notice period. At least this way you have a quick get out clause if the relationship isn't working. Also be aware of some low % charges, some of these networks will apply penalties for low production levels, or set minimum business targets. Speed of authorisation is everything.
Unsuitable or offensive? Report this comment