Brokers direct access to lenders via TBMC’s sourcing system

The Business Mortgage Company has launched a direct-to-lender broker service along with an expanded lender panel that includes Cheltenham & Gloucester and The Mortgage Works.

The company has developed its existing online buy-to-let sourcing system to allow brokers to choose from a wider range of lenders and submit mortgage applications directly to them.

Previously, the sourcing system only listed products that TBMC packaged but it now includes deals from C&G, Bank of Scotland, Godiva, NatWest and TMW.

Brokers will still be able to use the existing packaging service but they now have the added option of submitting their applications direct to lenders.

Andy Young, chief executive of TBMC, says: “In the past year the number of buy-to-let products available has reduced considerably, making it difficult for brokers to find suitable deals for their clients.

“Offering direct access to lenders will enhance our buy-to-let proposition and give brokers more choice.”

Mike Fitzgerald, sales director at Brentchase Financial Services, says this is a positive development in a dwindling market.

He says: “It’s getting harder to do buy-to-let business because the number of products available is diminishing daily.

“I think a lot more brokers will start using the TBMC system now because many like to submit applications direct – any packager that allows brokers to do this must be onto a winner.”

Steve Smith, senior mortgage consultant at Mayfair-based Brooks Macdonald Financial Consulting, says: “It will come down to whether this gives TBMC a com-petitive edge in the market.

“I hope lenders and distributors give brokers more options.”