an Wheadon, a Director of TBMC said: “Although our specialist mortgage markets of buy to let & commercial are generally excluded from the regulatory boundaries, there will be instances when it becomes apparent that a case actually does fall within regulation. For instance when a rented property is let to a relative, but this is only established after the case is in for processing.
When this occurs, we need to ensure that we have the capacity to deal with these cases so no introducer would be left high and dry.
Quite a number of our key introducers who specialise within these commercial sectors have informed us that will not directly regulate, neither will they have a need to opt for a network proposition, as 98% of their business is transacted on non-regulated commercial or buy to let contracts.
We (TBMC) also needed to ensure that come November 1st, we were in a position to handle ALL of their commercial & Buy to Let enquiries, whether or not they are deemed regulated contracts”
Ian added: “In addition, it will ensure that we can comply with any lender restrictions that may be imposed on business introducers as some lenders are currently unsure how they will tackle the issue of accepting non-regulated business from non-regulated brokers!
On a separate note, it also allows TBMC the opportunity to diversify into other areas, IF we choose to!”
