TMC to move into financial services

The Money Centre is planning to relaunch in April and offer a range of financial services for landlords.

Lloyds Banking Group stopped accepting mortgage applications from TMC last December and the brokerage was forced to make its staff redundant.

Instead of offering buy-to-let broking TMC will offer financial advice, estate planning, finance and insurance broking, and property management solutions.

Mark Alexander, chief executive officer of TMC, says the company has been working on this move for two years but fast-tracked its plans after Lloyds group stopped accepting applications.

He says: “Lloyds’ decision was the biggest setback we encountered but it could also lead to our biggest opportunity.”

Alexander adds that when the securitisation market started to collapse in August 2007 TMC’s ability to sustain high business levels and profit growth of more than 60% a year disappeared so it decided to diversify.