TBMC sees applications rise by 50%

The Business Mortgage Company has reported a 50% increase in applications in the first half of 2006.

For the first six months to June 2006, the buy-to-let and commercial mortgage specialist received applications totalling 864m – 50% up on the same period last year.

Andy Young, managing director of TBMC, says: “The increase has been mainly driven by developing relationships with more networks and delivering more focussed sales and marketing.

“We’ve been appointed to a number of panels in the past three or four months and staff numbers have in- creased from 32 to 60 over the year. We’ve developed new technology and are delivering good service.”

A number of lenders have entered the commercial market over the past year, but Young says TBMC figures have been unaffected by this.

But Colin Bell, operations director at InterBay, says increased competition has encouraged TBMC to change its strategy.

Bell says: “It’s hard to see where the new business to TBMC is coming from. The Council of Mortgage Lenders has reported a fresh high in the buy-to-let market so perhaps it has benefited from that.

“As a new lender in the UK we are seeing rises on a weekly basis but we don’t have a previous year to compare with. Competition breeds change and this is in the consumer’s interest. Our arrival in the UK market has had an effect on other companies.”