Mortgage network company applies for administration

Wiltshire-based Home of Choice has filed a request to be placed into administration after attempts to sell itself failed.

The specialist mortgage network company had aimed to sell the business, which would have brought in new investment, enabling it to grow and build upon its broker services.

Numerous bids had been placed to buy the firm, with the identification of a preferred bidder. However, the crunch came when Home of Choice failed to secure an extension of its overdraft facility, required to cover payments to brokers and employees.

Home of Choice said it had been assured by an investor and its bank that the payments would be made on the 26th of April.

A statement made by the company said: "Despite working our way through 2009 and placing the business in a position to be brought by a number of financial services groups, it has been impossible to complete the arrangements... We currently await the appointment of an administrator".

Set up in July 2005, the company grew to be the largest of its kind, according to Home of Choice's website. It was created to address the requirements of mortgage intermediaries that were not being supported by wider networks.

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