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TMB rate rise to stem business flow

The Mortgage Business, one of the lenders in the HBOS group, is to raise its rates across its range of loans to slow business inflows.

Details of the increases are not yet available but TMB, which deals exclusively through brokers, has confirmed it will be raising prices across its entire range from the end of April.

The firm, which is split into three areas of business – flexible, buy to let and self-certification, says it has already hit targets for the first half of the year and does not want to over-extend itself.

The move comes just two weeks after HBOS chief executive James Crosby said the group is no longer interested in just market share and would focus on quality lending. TMB says its decision is entirely related to the fact that business inflows have far exceeded expectations.

Managing director Bill Dudgeon says he will not provide details of the price increases before the end of April when they are posted on the firm&#39s website but he says there will be some positives.

He says: “We have already hit targets for the half-year. We have just got far too much business coming in the door at the moment. We will be increasing prices across the range of products although there will be some positives for brokers as well.”

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