On Friday the company launched a range of three core products.
The Prestige mortgage is for loans over £500,000, base rate plus 0.99% for the life of loan. House 2 House is a buy-to-let based on income, not rental yield, and is a level tracker of base rate plus 1.79%. The third product, Ten to Let, is a buy-to-let based on rental yield at 125%. It is a level tracker at base rate plus 1.99%. All the loans have a maximum loan size of 75%.
The company says it will launch its full range on November 1, the second day of FSA regulation.
Mark Bergin, director of sales and marketing of TMB, says: “This is a gradual return to the market. Having temporarily withdrawn our products we are keen to manage the inflow of business to ensure that our service is back to being the envy of the market.
“We have spent the past few weeks clearing backlogs and reviewing our processes as well as dedicating a lot of time to staff training.”
The move back into the market has been welcomed by brokers. Simon Jones, director of Savills Private Finance, says: “TMB is retraining people to make sure it can cope with increased broker business. It's good to see it back. I think a lot of people didn't expect to see it again.”
But Kevin Duffy, managing director of Hamptons International Mortgages, warns that there is still a question mark over the firm's future.
He says: “We welcome TMB back into the fold. The styling of its products does have a certain uniqueness. However, the question every broker will be asking is – for how long will this be and what reassurances can we have that the service issues of the past won't occur again?”