View more on these topics

Mortgage Times officially in administration

A winding up petition filed by HM Revenue & Customs for The Mortgage Times Group was dismissed today with costs after it was revealed that the network has now been placed into administration.

At a hearing at the Royal Courts of Justice in London today the court heard that Mortgage Times has now formally been placed in administration, though there was no word on which administrator has been appointed.

There were no directors from Mortgage Times present at today’s hearing.

HM Revenue & Customs initially filed its winding up order last November in relation to undisclosed debts owed to it by the network.

One source has told Mortgage Strategy that the debts owed to HMRC by Mortgage Times are in the region of £485,000.

Today’s hearing was the third attempt by HMRC to get its case heard.

The case was first brought to court on January 13 but was adjourned in light of the fact that an application to appoint an administrator had only been made the previous day.

Mortgage Times was granted a second adjournment at a later hearing on February 3, with its deadline to pay HMRC extended until today.

Staff at Mortgage Times were originally told that the network had gone into administration on December 21.

Recommended

Remortgage products come back into vogue

The remortgage market has started to make a comeback, as research reveals that most borrowers sitting on their lenders’ SVRs would be better off remortgaging. Moneysupermarket.com has cal-culated that the cheapest two-year fixed rate deal works out less expen-sive than the majority of SVRs, even after arrangement fees are taken into account. The comparison website […]

Guildford retains its grip on reality

One of the virtues of my job is the ability to dip into a huge pool of data on property price movements and related trends.

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • gill charnock 1st August 2011 at 8:10 pm

    What will happen to people getting investigated

  • gill charnock 1st August 2011 at 8:09 pm

    What will happen to people getting investigated

  • william 18th February 2010 at 3:31 pm

    is the fsa going to investigate whether the directors of mortgage times behaved appropriately and legally and pass a fit and proper test. should they be allowed to be directors of a company again while owing tax to the HMRC?

  • James 18th February 2010 at 2:48 pm

    As the last comment points out, why is anyone surprised that this has happened to mortgage times? People with any understanding of the market knew that the mortgage times model would never work in the long wrong, the whole thing was built on greed and anyone foolish enough to be taken in by the hype has only really got themselves to blame. I bet the advisers werent moaning when they were getting inflated, unsustainable proc fees and getting deals through because of the questionable packaging ethics!

  • Compliance Man 18th February 2010 at 1:35 pm

    Don’t you brokers talk some drivel.You don’t do you yourselves any favours with these illiterate rantings.
    No one wants to take you on….really, I can’t imagine why?

  • Wasim 18th February 2010 at 9:39 am

    Looks like the courts are on the side of the crooks on this one.

    HMRC, meet FSA’s product of ‘fit n proper’

  • Julian 18th February 2010 at 9:37 am

    We’ve heard it all and again, another big boy escapes clean.
    when will they sort out the law, it’s shamble – always penalising and sticking in laws after laws only to make life hard for the clean and hard working public but when the big boys pull a dirty, authorities cant do s$£^t.
    Where is our Darling FSA now? they like bumming the small guys, whats the matter dont like the size of this one?

    Where do the brokers & AR’s go, i cant find any willing network that talks sense to take newly qualifieds onboard – all they want are those with £50k of of business (profit) – which itself is not possible in current climate according to the books.
    Hello FSA, you still there?

  • Grace Jones 18th February 2010 at 12:07 am

    Hi! So..for leaving the country…What should I do with these debris of mortgage files? I want to SHRED. Not that there is anything dodgy in mine… Getting rid of everything else..so… ALSO have some from a company (if same/worse state) that I ‘self-employed’ for… ?
    As I didn’t get any commission for those… what do you think?
    SHRRREEEEDD!!!???
    Works for the banks that we own now….

  • Grace Jones 17th February 2010 at 11:56 pm

    Hi! So..for leaving the country…What should I do with these debris of mortgage files? I want to SHRED. Not that there is anything dodgy in mine… Getting rid of everything else..so… ALSO have some from a company (if same/worse state) that I ‘self-employed’ for… ?
    As I didn’t get any commission for those… what do you think?
    SHRRREEEEDD!!!???
    Works for the banks that we own now….

  • Mortgage Broker N3 17th February 2010 at 11:36 am

    Any good director, who cared about the employees would have covered the shortfall.

    Shocking behaviour from the directors – effectively they were trading, knowing they were in trouble and didnt tell staff, advisers, employees.

    Whoever wishes to join these corrupt directors at their new venture – do so at your peril.

    You give us all good people in the industry a bad name, and advisers have lost commission during the most difficult trading conditions in 20 years.

  • valleyboy 17th February 2010 at 11:19 am

    I hope the AR’S get fixed up with a new network soon, novate everything you can as any administrator will sell the client bank at the earliest opportunity, we went through this with Network Data/MBSL its a nightmare. Most importantly dont hold out any hope of getting any outstanding or pending commissions paid, it just wont happen. Best of luck to you all and keep smiling