Commercial mortgages are high on brokers’ agenda as they fear they could lose out on residential business if they are unable to offer them.As a result of this Andy Young, managing director of The Business Mortgage Company, predicts that commercial mortgages will be the biggest growth area in the next five years. Although the complexity of the commercial market puts many brokers off, fear is concentrating minds. Growth will come not just from brokers but networks too, as they adapt to their appointed representatives’ needs. Young says TBMC has seen more brokers approaching it to do commercial deals on their behalf. He says: “Lenders are taking a more flexible approach to commercial lending. Some brokers see it as a threat to their business if they have to turn a client away because they can’t help them with their commercial needs.” A spokeswoman for InterBay says it has seen its business volumes double on a monthly basis since its launch into the commercial market early this year. She says: “This is a good way for brokers to add a fresh revenue stream to their business. We’ve tried to design our application process so it is similar to residential.” TBMC is planning to process an additional 400m of applications next year, more than doubling what it does now. It is recruiting more staff including two new business development managers and three commercial development managers. It has also launched an online buy-to-let tracking system which allows brokers to monitor cases at any time of day.
Direct Financial Services, the Mortgage Packager based in Hull has changed its senior management structure. Company founders Malcolm Davidson and Alex Knaggs will assume the positions of joint managing directors. They will continue to steer the overall direction of the group’s diverse interests, which as well as the mortgage packaging arm, also includes financial advice, […]
Online conveyancer Easier2move has linked up with mortgage distribution and packaging firm, KGB Packaging, to offer conveyancing services to its broker clients.KGB Packaging offers products from a panel of lenders across the full range of credit profiles from prime to heavy adverse. KGB is also a member of the Professional Mortgage Packagers Alliance, which means […]
The Professional Mortgage Packagers Alliance has announced four new products from The Mortgage Business.The first two PMPA offers are options within TMB’s Self 85 product that allows self-certification of income to a maximum LTV of 85%. A two-year tracker is set at bank base rate, +1.24% and has an arrangement fee of £1,499 but no […]
Affirmative Finance has launched a scheme designed to make monthly repayments more manageable. The easy pay plan defers half of the monthly interest payment until the redemption of the bridging loan. Easy Pay is available for loans secured against both residential and commercial property and applies to both regulated and unregulated loans. A borrower can […]
The UK Pensions Awards shine the light on excellence and recognise the advisers, providers and investment managers that offer the highest level of innovation, performance and service to occupational pension schemes and their members. This year’s awards looked at advisers and providers across 31 different categories and were rigorously judged by a panel of senior […]
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