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Homewatch UK wound up by DTI

The DTI has taken action to wind up mortgage broker Homewatch UK after it gave misleading advice to around 85 customers, leaving them facing big shortfalls in their mortgage repayments.

The firm, of Somers Road, Rugby, sold only one type of product despite claims that it was searching the market for the most suitable loans.

The product, the mortgage interest savings system, claimed to save borrowers money on their mortgage but rather than saving money, it left them with substantial shortfalls.

The directors of the firm, Rodney Stuart Taylor and Stuart Ronald Horwell, could not account for £50,000 of borrowers&#39 cash and further investigation revealed they were using it for personal purposes.

Homewatch also failed to comply with a number of sections of the Companies Act such as not maintaining adequate accounting, failure to file accounts and not filing accurate details of its officers.

A petition to wind up the firm was presented to the High Court on June 26.

Following enquires, the official receiver was appointed the next day and the firm was wound up on July 31.

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