TMA and Pink plan to take on DA mortgage clubs

A spokesman for the firm said the group, which has grown its mortgage networks First Complete and Pink since 2010 to become one of the largest distributors in the UK, planned to make a similar mark on the mortgage club market over the coming years.

She said: “The plan is to bring both clubs, including directly authorised brokers using Pink mortgage club, under the TMA banner next year. We want to do the same with the mortgage club as we have done with networks; be right up there with L&G and PMS.”

Combined, TMA and Pink mortgage club completed £2bn worth of mortgages in 2013.

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Last week, LSL revealed a rebrand of TMA and confirmed that David Copland, director of mortgage services for LSL, would head up the mortgage club.

Mark Graves, financial services development director at the group, will look after sales while TMA has recruited Lauren Bagley, formerly with Legal & General mortgage club, as marketing manager.

TMA will broaden its proposition to offer mortgages, protection, general insurance, compliance and offer DA advisers one-to-one business development.

David Copland, director of mortgage services for LSL, said: “This is the first step in our strategy to build a brand which is synonymous with everything that is good about the DA market. We will act as champion on behalf of directly authorised advisers to secure high-quality products and market-leading commissions that reflect the needs of their customers.”

TMA was bought from Santander UK in 2011 by LSL’s mortgage network First Complete for £250,000.

Adviser view

Jas Jaspal, principal at Coventry-based Oakwood financial management, said: “There’s always space in the market for another mortgage club. I think this is a good time to have another player to help drive competition for borrowers.”