Mform goes into administration and makes 10 staff redundant

Mform.co.uk, the mortgage comparison website that allowed consumers to bypass brokers and source mortgage deals directly from lenders, went into administration last week.

A message on the firm’s website confirms it has been placed into administration, with Tenon Recovery named as administrator.

The Edinburgh-based business launched in 2006 and had partnerships with other websites including those belonging to Channel 4, The Daily Mail and Tiscali.

All 10 mform.co.uk staff have been made redundant and Tenon is marketing the intellectual property and assets of the business.

Joint administrator Tom MacLennan, a director at Tenon, says: “Unfortunately, the business was severely affected by the downturn in the housing market and in the end there was no alternative for it but to cease trading with immediate effect.

“It has valuable intellectual property that is bound to be of in-terest to any organisation engaged in online consumer marketing and we are urging interested parties to make contact with us as soon as possible.”

As well as sourcing products borrowers could use the website to submit mortgage applications directly to lenders’ online systems.

But Kevin Friend, strategic partnerships director at Mortgages.co.uk, says the firm’s closure is a sign that consumers don’t want to source their mortgages without advice.

He says: “Never underestimate the need consumers have for brokers. They will not go down the self-service route in significant numbers. With such an important transaction, they want advice.”