Freedom will accept any TMB mortgage application, providing it meets Freedom’s product criteria and is submitted on either a Mortgage Next or Pink Home Loans generic application form.
TMB, the specialist HBOS lending subsidiary, has written to intermediaries today informing them it is shutting its doors to new business with effect from 2 July. The company has stated it will be the end of August before it is in a position to consider resuming lending.
Colin Snowdon, managing director of Freedom Finance’s mortgage lending business, said: “Both TMB and BM Solutions have acknowledged they are experiencing volume-related problems. Earlier this week BM Solutions imposed a 1% completion fee on all self-cert cases in order to slow applications. HBOS Group’s market share issues must be profoundly challenging for TMB to have to take a step as draconian as closing for new business. This step will cause real headaches for thousands of brokers throughout the country, who are being left high and dry by HBOS’s strategy to cut back new business.”
Freedom’s products are very similar to the range withdrawn by TMB and include self-cert (to 90% LTV), buy-to-let, let-to-buy, full status and non-conforming mortgages. The range has been developed to address issues which most other lenders have left unanswered, such as restrictive income multiples, credit score based underwriting, inadequate LTV’s, MIG insurance being charged on prime mortgages and interest rates linked to LIBOR, which few borrowers understand (full details of the product range are available from Freedom’s website: www.mortgages.freedomfinance.co.uk).
Colin Snowdon, managing director, Lending for Freedom Finance, added: “Freedom Finance has a team of highly experienced mortgage specialists ready and waiting to turn applications around quickly. The response to our product range and service standards has been fantastic – now is the time for more brokers to try it for themselves.”
Brokers can obtain further information about Freedom’s products and services via Mortgage Next, Pink Home Loans, or by visiting the company’s website at www.mortgages.freedomfinance.co.uk
