TFO steps in as last self-cert lender exits market

TFO steps in as last self-cert lender exits market


Last week it was reported that the last remaining self-cert lender has now withdrawn from the self-certification market. 

Beacon Home Loans sent an email to its brokers saying that it has stopped accepting self-certification deals, putting the decision down to lack of funding.


Wales-based specialist packager, The Funding Operation (TFO), is offering brokers an alternative for their Beacon deals which may not get to offer stage.


Rhiannon Gray-Minton, managing director at TFO, said that the news did not come as a surprise, as it had been known for some time in industry circles that Beacon has been enforcing stricter control of completion funds.


“Recently the press have been particularly bullish about increasing confidence in the lending market. This is a hammer blow in the specialist lending arena as Beacon is recognised as one of the foremost specialist lenders.” She continued.


“Their announcement leaves the intermediary community high and dry. However, we have access to specialist lenders through which we can offer similar lending criteria. Our offering is available to any intermediary who finds themselves with cases they can no longer place.”


TFO have built a reputation for fitting “square pegs in round holes” across the finance spectrum.

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