TBMC reports record applications
TBMC revealed a record £172 million in applications had been submitted to the lender during March.
Andy Young, managing director at TBMC, said the results proved the buy-to-let and commercial options were popular. He said: “March has been an incredible month for TBMC with over £172 million of applications received. In fact, this is the highest figure for applications since TBMC was formed 15 years ago, and is 62 per cent up on the level in March last year.”
Young confirmed the results meant TBMC was on course to exceed business targets set for the year. He added: “These figures show that TBMC really does add value to intermediary businesses and that there is a continued interest in writing buy-to-let and commercial mortgage business.”
Stephen Johnson, sales director at Commercial First, agreed with TBMC’s findings. He said: “More and more intermediaries are switching on to the opportunities available within the commercial sector. This market is gaining real momentum as the benefits of client retention and income generation are being seen by brokers and financial advisers. It is a customer need they can no longer afford to ignore.”
Commenting on the buy-to-let market, Rod Murdison, proprietor at Murdison & Browning, said the opportunities in the sector were not as strong as they were 10 to 15 years ago. “Landlords who entered the buy-to-let market 10 years or more ago are seeing substantial capital gains in their investments, and when their special mortgage rate is up, they remortgage to another, which may have contributed to the figures.”
He added: “However I do not see many new landlords entering the market as the same revenue opportunities are not there.”