Brokers are concerned that the tainted directors of failed London packager The Mortgage Placement Company are still operating in the mortgage market.
TMPC went into liquidation in March this year leaving dozens of brokers out of pocket. But brokers fear Edwin Coughtrie and Hassan Draper could do the same again using one or more of the 13 active companies that they own between them.
Both are still listed as living as neighbours in plush £1m-plus flats overlooking London's Regent's Park. Draper's address is listed as 2, Palgrave Gardens NW1, while Coughtrie's is registered as 1, Palgrave Gardens.
Although TMPC is listed as being in liquidation its associated companies are still listed as being active.
Draper is listed as secretary and director of The Unusual Mortgage Company which operates from the same address as TMPC did, in the upmarket area of Mayfair in London.
Coughtrie is also a director of The Unusual Mortgage Company and a director and secretary of Perfect Home Loans and IT 4 Business, a director of The Mortgage Offer Centre (which operates from his home address) and the London Mortgage Centre and he recently became a director of The Lender. He is also believed to be connected to a company in Ibrox, Scotland.
One broker from Birmingham is still owed just under £1,000 in commission from TMPC.
The broker, who wishes to remain anonymous through fear of reprisal, says: “It's ridiculous that these two men could still be operating in the market and brokers should be concerned that this is allowed to happen. These are the sort of people that should be put in jail.”
Coughtrie and Draper tried desperately to buy into other mortgage businesses after TMPC went into liquidation with £1m-plus debts after Mortgages PLC and Kensington Mortgage Company terminated their agency agreements with the packager. Back in April the two men tried to do a deal with Mortgage Support Services but their plans were scuppered after lenders on the MSS panel threatened to pull the plug. MSS itself went into liquidation last month.
Coughtrie and Draper were unavailable for comment.