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TFC Homeloans surviving packager crisis

TFC Homeloans says it is surviving beyond many of its competitors in the packaging market as a result of the credit crunch with a 30 per cent rise in new applications this month.

The packaging arm of Orbiter Group is keen to reassure intermediaries and lenders of its longevity in the market at a time when many packagers have been forced to close.

Many packagers have been forced to close to new business as a result of the credit crunch and the resultant pressure on lenders, but TFC says its new application figures are up 30 per cent in the last month.

Orbiter Group managing director Andy Brown says: “This has been an incredibly tough year and it has been very sad to see what has happened to some of the lenders and packagers with whom we have worked so closely in recent years.

“I am happy to report that TFC Homeloans finds itself in a more positive position than most in the current environment. In recent months we have acted quickly to manage our cost base, have accelerated the development of our technology, and have focused on offering a competitive proposition to intermediaries including free legals and a fixed £149 application fee. Another area that I feel has been key is that we do not have a large network of satellite packagers to impact on our cost base in the same way other large packagers did.”


New release of life

The equity-release market has seen a fall in recent demand but remains fairly stable in comparison with the mortgage market.

Misselling alert on lifetime annuities

Living Time chief executive Kim Lerche-Thomsen has branded lifetime annuities as “Dickensian” products and claims they could become the next misselling scandal.

Potter warning of further falls

Thames River co-head of multi-manager Gary Potter says he is sceptical of the current market rally and warns that the UK and US are moving from a credit crisis to a solvency crisis.

In the interim

Paraphrasing the line from that great film Jaws: “Just when you thought it was safe to go into the water” seems very appropriate on hearing the news that you have to be working for the client to be an adviser.


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