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Job losses following TFC and SMS merger


Five members of Solent Mortgage Services have been made redundant following the firm’s merger with TFC Homeloans last week.

SMS’s Gosport office has also been closed following the merger.

TFC Homeloans and Solent Mortgage Services managing director Nigel Payne says: “Following the merger deal, the decision has been made to close the SMS office and move all main operations to TFC’s headquarter’s in the centre of Manchester.”

TFC’s team of 30 is prepared and able to handle the extra business, Payne adds.

“Five members of SMS staff will sadly be affected by redundancy, including one apprentice,” he says.

“We are putting in place a careers guidance session for them as well as talking to our locally-based partners to see if they can be helped to find work in the industry.”

SMS managing director Ian Balfour has become director of sales and marketing across both SMS and TFC.



TFC merges with Solent Mortgage Services

Packager TFC Homeloans has merged with specialist distributor Solent Mortgage Services. SMS was previously owned by Hoyl Group, which will keep a stake in the merged firms. SMS managing director Ian Balfour will become director of sales and marketing across both SMS and TFC. He will report to TFC managing director Nigel Payne. Payne said: […]


TFC adds Equifinance to second charge panel

TFC Homeloans has added Equifinance to its second charge lender panel. Equifinance’s full second charge range is available to brokers. The lender assesses applications on a case-by-case basis. TFC Homeloans managing director Nigel Payne says: “Equifinance is a great addition to our second charge mortgage panel, with its sensible, individual and refreshing approach to underwriting.” […]


Buckinghamshire BS joins TFC panel

TFC Homeloans has added Buckinghamshire Building Society to its lender panel. The deal means brokers can now access all of the society’s residential and buy-to-let products through the packager. Buckinghamshire’s broker range includes non-standard purchase and remortgage deals, including fixed, tracker and discounted rates. TFC Homeloans managing director Nigel Payne says: “The Bucks is a […]


Out from the long grass? An IT and NI merger

Those with a long memory will recall that at the start of the last parliamentary term George Osborne announced his intention to merge income tax (IT) and national insurance (NI).  Headline grabbing as the initiative was, the reality of the complexities, challenges and costs of such a move resulted in this idea being kicked into the political long grass.


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