TSB homes in on mortgage broker sales; CITY DESK.
Byline: GRAHAM HISCOT
The boss of TSB says its new mortgage broker drive has got off to a "flying start".
The bank only resumed selling home loans through brokers last month. Since then it has handed out PS300million worth of home loans.
Brokers are used by around 60% of mortgage borrowers. But TSB, when it was still part of Lloyds, stopped using them as part of a doomed takeover bid by the Co-operative Group.
TSB is targeting PS1.5billion of net mortgage lending this year.
It came as the bank, which floated on the stock market last June, said profits rose 2.3% to PS133.7m in 2014.
During that time it signed up 500,000 new current account customers, or 8.4% of all those opening or switching provider.
TSB's longer-term aim is to have 6% of the current account market.