HBOS has issued its preliminary results which highlights TMB's contribution towards the group with gross mortgage lending of £4.8 billion, a 37% increase compared with 2002 and net mortgage lending of £2.5 billion, a 19% increase compared with 2002.
Overall gross lending by the five HBOS brands increased by 26% with net lending seeing a 10% increase.
Bill Dudgeon, Managing Director, The Mortgage Business, said: "In a buoyant market for all lenders we were successful in writing record levels of new business despite service issues. A major factor in this success was our sustained communication efforts and transparency with our brokers who have continuously supported us. We have also been working with quality packagers who have helped us to process 65% of total advances ".
Mark Bergin, Director of Sales and Marketing of The Mortgage Business, said: "2003 has been a game of two halves for TMB. Throughout 2002 and during the first half of 2003 we saw excellent service levels and high levels of business, recognized by a five star service award from the Financial Adviser readership. However, the second half of last year was an uphill struggle when our new processing system was implemented and service levels waned. We kept brokers informed at all times and we are sure that going into 2004, brokers will find our new system fully up and running and service levels returning to what they are used to."
