goes into administration

Consumer mortgage website has gone into administration.

A message on the company’s website confirms that the firm has been placed into administration with Tenon Recovery appointed as administrators.

The free site allowed consumers to bypass brokers and access products direct from lenders.

Borrowers using the website could also submit mortgage applications directly to lenders’ systems.

The Edinburgh-based business launched in 2006 and had partnerships in place with third party sites including Channel 4, The Dail Mail, and  

All 10 staff have been made redundant with immediate effect.

Administrators Tenon Recovery are now marketing the intellectual property and assets of the business for sale.
Joint administrator Tom MacLennan, director with Tenon Recovery, says: “Unfortunately the business has been severely affected by the downturn in the housing market and there was no alternative but to cease trading with immediate effect. 

“The company has valuable intellectual property that will be of interest to any company engaged in online consumer marketing. 

“We would therefore urge any interested parties to make contact with us as soon as possible.”