Insolvent Mortgage Times Goes Into Administration

According to reports from Mortgage Strategy Mortgage Times Group has gone into administration.

Mortgage Times have today announced that it will no longer be able to conduct regulated business. In an email from the board of Director to all appointed representatives of the mortgage network the following was stated.

"It is with great regret that The Mortgage Times Group Limited, as the authorised person, has applied for a variation of the current permission granted to TMTG pursuant to Part IV of the Financial Services and Markets Act 2000.

"The variation of permission requested is the addition of a requirement that with effect from 21 December 2009, the Mortgage Times Group Limited may not carry on any of the regulated activities in the permission.

"This means as appointed representatives of The Mortgage Times Group Limited you are no longer permitted to conduct regulated activities under our FSA number 303007 as from today’s date.

"As you will all be aware 2009 has been an extremely turbulent year for TMTG and we have been vigorously attempting to secure investment into the business from strategic business partners to allow us to continue to trade solvently in to 2010.

"We are extremely saddened that at the 11th hour a potential major investor has made the decision not to proceed and we have been left with no alternative but to cease trading.

"We would like to thank all our ARs for their loyalty over the last five years and apologise profusely that we have not been able to continue to provide a platform for you all to continue to trade.

"We assure you that we have left no stone unturned in an attempt to find a solution to our recent difficulties but ultimately have been left with no other options going forward.

"We would like to give you our best wishes for success in the future when this marketplace eventually returns to normality."