As most Buy to Lenders will only accept Buy to Let mortgage applications from FSA regulated brokers, non-regulated brokers can lose business as a result. TBMC will now provide a solution to this problem, enabling non-regulated brokers to access all Buy to Let lenders in the marketplace. Non-regulated brokers can use TBMC’s free Buy to Let Sourcing and Quotation System to source Buy to Let mortgages for their clients and then submit the application to TBMC. As a regulated business, TBMC will take full responsibility for dealing with the application and will share the lender procuration fee with the broker.
Commenting, Andy Young, CEO at TBMC said: “Today’s Buy to Let mortgage market is difficult for brokers as the number of lenders and products available is drastically reduced and criteria is still tight. It is even more difficult for non-regulated brokers as many lenders will only accept applications from FSA regulated brokers, even though Buy to Let mortgages are unregulated.”
