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TMB back in the market with new range

The Mortgage Business has come back to the market with a full range after being forced to close to new business last year.

Seven months after having to withdraw from accepting new business, TMB has returned with a new range, including stepped trackers with longer running periods and no early repayment charges.

TMB made a tentative, limited return with a handful of generic products last November.

The new products inc-lude two self-certification mortgages at 85 per cent loan to value fixed at 5.99 per cent until December 31, 2006 and 5.79 per cent until June 30, 2006.

The range also sees the return of TMB’s popular house to house buy-tolet tracker mortgage, currently 6.74 per cent, and two fixed-rate mortgages at 5.99 per cent until December 31, 2006 and 5.79 per cent until June 30, 2006.

TMB, owned by HBOS, repriced its products last April to reduce demand but application levels remained about the same. In July, it withdrew from taking on new business.

Senior sales and marketing manager Matthew Russell says: “We want to manage the service side of things better so we are never in the position of having to withdraw again. It is a little bit more of a difficult market this year and much more competitive.”

Redstone Insurance Group mortgage adviser Jonathan Short says: “It was a brave move that TMB had to make last year but it is returning into an overcrow-ded market and may struggle to make its mark.”

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