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Mortgage Times (Vision) Network : History and Information

 

2004 – 2006

October 2004, Mortgage Times Group receives authorisation from the FSA. In March 2005 Mortgage Times launches online case tracking, the same year also saw the expansion of the networks office space and The Mortgage Works, first National, and Natwest join their panel, along with a rapid expansion of their packaging business.  They also lost Nags Rahman however one of the founding directors of the firm.  2006 saw the introduction of the Mortgage Trading Exchange to the network and the networks monthly mortgage applications hit the £500,000,000 level.  It also saw the appointment of Tim Dawson ex Mortgage Express boss as a non executive director and full integration of their Prospector software with Trigolds E trading Centre cutting down on the number of times information has to be entered on the system.

 

2007

MT links with the Debt Advice Portal to enable it’s brokers to offer a debt advice solution to their clients.

 

2008

Mortgage Times rebranded it’s mortgage network as “Vision”.  Intended to carry the network forward, Vision heavily emphasized their ability to be a “one stop shop” for brokers and IFA’s.  The company also unveiled plans to create academies for brokers, and announced links with Century 21 the estate agency franchise, along with Key Retirement Solutions to extend their panel of lifetime mortgage providers.

 

2009

Flat performance figures and very high costs lead Mortgage Times to post losses of over £1.3 million pounds for 2008.  Included in the staff costs was a payment of almost £200,000 to one of their directors.  21st December 2009, Mortgage Times was placed into administration having had talks with several potential buyers of the network, all of which unfortunately collapsed.

 

2010

The FSA closed down Mortgage Times due to capital inadequacy problems.

The funding which should have been in the region of some £2333,000 was actually a negative resource of some £737,000, leaving the FSA with no option but to cancel the networks permissions.  Having had some 600 AR firms in its network in 2008, this again would seem to indicate that the size of a network is not as important as the way that it is run.

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