Cardiff-based mortgage broker TBMC is closing and will no longer accept new applications from today (17th July 2023).
To ensure a seamless transition all applications currently in the pipeline will be processed through the normal channels.
The closure of TBMC follows a comprehensive review by its parent company, Paragon Banking Group PLC, and is in line with Paragon's strategy of prioritising investment in its core operations.
The closure of TBMC will impact a small number of employees but will have no impact on the performance of the wider group, as it does not make a material contribution to Paragon’s profits, and will have no impact on the level of BTL business Paragon receives.
Since TBMC’s acquisition in 2007, Paragon's mortgage intermediary distribution model has undergone significant evolution and expansion.
TBMC is no longer considered to be strategically core to the company's distribution network.
Richard Rowntree, MD of mortgages at Paragon Bank (pictured above), commented: “We appreciate this is difficult news for our colleagues at TBMC and I thank Jane Simpson (MD at TBMC) and her team for the service they have given to the company over the years.”
"Our strategy remains focussed on growing lending in specialist segments of the market, particularly in areas where larger banks fail to adequately serve customers."
