Cardiff-based mortgage broker business TBMC will no longer accept new applications from today, as it shutters operations.
The broker business confirmed that all applications currently in the pipeline will be processed through the normal channels.
The decision to close TBMC followed a comprehensive review by parent business Paragon Banking Group PLC, in line with its strategy to prioritise investment in its core operations.
The group reported that a small number of employees would be impacted.
TBMC is no longer considered to be strategically core to the company’s distribution network.
Richard Rowntree (pictured), managing director of mortgages at Paragon Bank, said: “We appreciate this is difficult news for our colleagues at TBMC and I thank Jane Simpson and her team for the service they have given to the company over the years.”
He added: “Paragon’s mortgage distribution model has evolved and broadened significantly since TBMC was acquired in 2007 and, as such, TBMC is today considered a non-core operation.
“As one of the leading buy-to-let lenders in the UK, our strategy remains focussed on growing lending in specialist segments of the market, particularly in areas where larger banks fail to adequately serve customers.”
Paragon announced its half-year results last month, with new mortgage lending standing at £1.02bn for the six months to 31st March 2023 and its buy-to-let loan book increasing to £12.6bn.
