TMO enters commercial mortgage market

The Mortgage Operation has entered the commercial mortgage market for the first time, linking up with the Bank of Scotland to offer its SmartFinance product with rates starting at 5.25%.

The new product also has the additional facility to offset the business bank account against the mortgage with no early redemption charges and for TMO members a dedicated telephone number and email address has been set-up to handle enquiries.

Bank of Scotland was recently named &#39business bank of the year&#39 at the Business Finance Gala Awards for the second year running and &#39commercial mortgage provider of the year.&#39

Richard Stokes, head of product development at TMO, says: “TMO is extremely pleased that Bank of Scotland has agreed to be the company&#39s first lending partner for commercial mortgages. Its underwriters are renowned for thinking &#39outside of the box&#39 and are happy to help brokers throughout the process.”

David Walker, director of specialist finance at Bank of Scotland, says: “Bank of Scotland is pioneering the way forward in offset lending for commercial businesses.

“Its SmartFinance current account is set up to calculate interest at Bank of Scotland base rate on credit balances and, instead of actually paying interest, it reduces the interest on the commercial mortgage by an equivalent amount.

“This means borrowers could pay off their mortgage quicker and save thousands of pounds.”