Thursday, Dec 06, 2007
Alarm Bells not Jingle Bells
Mortgage Strategy: TML confirms administration rumours
The Mortgage Lender has confirmed it has gone into administration as a direct result of the liquidity crisis. Andrew Duncan and Andrew Stoneman, partners from Menzies Corporate Restructuring have been appointed as adminstrators to TML Financial Solutions Limited, which trades as The Mortgage Lender. The Hampshire-based brokerage launched in 2000 and specialised in the sub-prime and specialist market with a staff of 250 . The firm says it was trading profitably until the end of September, when the recent liquidity crisis meant it was difficult to source products for its client-base as lenders pulled out of sub-prime or tightened criteria.
Another to add to a growing list odf departures from the UK mortgage market - interesting to see if TML get's BOE backing (LOL)
4 Comments
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1. it_is_going_with_a_bang said...
"The firm says it was trading profitably until the end of September"
That would be until everyone realized what a very bad idea it all was.
Glad to see them go. Hope more follow.
2. Orwell said...
Ok then we had better cut rates again hadn't we - 0% anyone?
3. Dohousescrashinthewoods said...
Agreed, it_is_going_with_a_bang. I think we'll see a steady stream of companies disappear who were only viable based on throwing away easy money.
4. Dontbuyyet said...
Can't we just bail them out, another private company with hard working tax payer's money, OUR cash which WE PAY to Darling.
That's what we pay income tax for isn't it, to bail out private companies who mis-manae themselves?
Or hasn't he any left now he's spent the entire UK Education budget for 2008 on Northern C*ck?