TMB launches first major deals since resignation blow

Ramesh Sharma

June 1, 2004

Four senior figures at TMB, including managing director Bill Dudgeon, resigned from the specialist lender in September to join Deutsche Bank next year, with Nigel Payne taking over full responsibility as managing director.

Speculation was rife on the future of TMB amid fears the business could decline further. But Payne has since declared it will become the number one lender for packagers and said the launch of its new products will be its biggest push into the market for over a year.

Key products include a self-cert mortgage fixed at 4.99 per cent for two years which it says is one of the lowest in the market; a two-year tracker rate House 2 House mortgage which is based on income rather than rental income; and a three-year tracker self-build mortgage at 4.99 per cent which is based on self-cert status and not full status. Each range has some products free from early redemption fees and others offer £750 cashback.

Payne said: “I think it’s safe to say that TMB is here to stay. We are not at all worried about the new packager-focused lenders coming into the market. We are getting TMB back to what it is known for. Brokers have told us they want us to get back to basics, and this is what we’re doing.”

Jeff Knight, head of marketing services at GMAC-RFC, said: “2006 will prove more competitive than this year and lenders are already vying for position. I am not at all worried by this claim by TMB as we have superior products, we give binding decisions in 30 seconds and get offers out fast. I am not sure how anyone can be a major niche player without offering non-conforming mortgages

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