TMB applications hit £10bn

The specialist lender says its expansion has been steady since its foundation, but the past two years have seen an acceleration in growth. It hopes to build on this over the next five years and double its mortgage book by 2012.

TMB reported a 40% inc-rease in business for the first two months of this year, after pulling in £402m in mortgage applications in January and £549m in February.

And in March, TMB saw mortgage applications reach the highest figure on record, hitting £686m.

TMB says the launch of its House 2 House range, by which buy-to-let properties are funded by a borrower’s in-come rather than a rental assessment, and its 90% LTV self-cert range have helped it to grow so fast.

Nigel Payne, managing director of TMB, says: “We are delighted to have broken through the £10bn mark. This may be a landmark figure but we see it as just another step in the growth of TMB. “With the strong personnel we have, both in the executive team and across the organisation, I’m not just hopeful ab-out growth – I think we can double our book in the next five years.”

He adds: “This result is one in the eye for those lenders that abandoned the packaging market when they thought things were getting tough.

“Achieving this success demonstrates the strength of our product and service propositions and that is largely down to the fact that TMB is a lender that listens to its customers.”