View more on these topics

Exclusive: TMB closes to new business

TMB is contacting brokers and packagers today telling them all cases being processed must be submitted by the middle of August.

And one unnamed intermediary is speculating the move is more a result of HBOS trying to limit its market share and reduce its exposure to self-cert than to clear case backlogs.

The move comes just a week after another HBOS subsidiary, BM Solutions, hiked its self-cert arrangement fee to 1% to limit business in that sector.

em-financial managing director Roger Morris says: “This is the most incredible thing I have ever heard. If TMB was to change its model to make better use of packagers we could handle the overflow and it wouldn&#39t have to close to business.”

He says Platform is now the most competitive lender and is recommending brokers use em-financial as their packager.

Morris adds em-financial will be expanding its business to cope with increased volumes.

Mortgage Strategy is awaiting comment from TMB.

Recommended

Deirdre McManus appointed acting head of sales at B&W

Deirdre McManus has been appointed acting head of sales at Bristol & West Mortgages after Brian Everett quit the company to pursue career options believed to be outside the mortgage industry. McManus is widely respected in the mortgage market and has a solid background, having worked for Bristol & West for the past 13 years. […]

Homeowners could save over £7bn on MPPI, says Goodfellows

The full accident, sickness and unemployment package costs £3.95 per £100 of monthly benefit. One of the key features of the cover is the three months&#39 free cover to all policy holders. Simon Burgess, managing director of Goodfellows, says: “Mortgage borrowers should not feel obliged to take out their lender&#39s mortgage protection cover. By spending […]

RAMP appoints director of compliance

The Regulatory Alliance of Mortgage Packagers has appointed Samantha Foxall as its director of compliance. The 10 packagers that make up RAMP are all actively developing their businesses to fully comply with the introduction of Mortgage Day. They will each operate their companies as if they were individually regulated. RAMP has been working with Wragge & Co, […]

Newcastle offers mix and match mortgage

Newcastle has announced a mix and match mortgage offering borrowers the security of a fixed rate and the flexibility of a variable offset combined. Borrowers can have part of their mortgage as a variable offset mortgage, which means they can use any savings to reduce, or offset, the interest paid on it. As this portion […]

Benefits - thumbnail

Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.

Newsletter

News and expert analysis straight to your inbox

Sign up