TFC Homeloans and Solent Mortgage Services are to merge.

Managing director of SMS, Ian Balfour, will become director of sales and marketing across both SMS and TFC, reporting to managing director Nigel Payne (pictured).

Payne said: “Solent Mortgage Services is a hugely respected packaging business and fits perfectly into TFC’s long-term growth strategy.

“Ian is also one of the most experienced and skilled professionals in the specialist lending sector. We can’t wait to have him working alongside us to build the UK’s most trusted mortgage packager.”

Balfour added: “By cementing two of the country’s most experienced and well-respected distribution brands, we are building a market-leading business to grow in the ever-changing packager, distribution and specialist sector.”

“SMS and TFC have had a close working relationship for 15 years, even down to sharing the same pioneering mortgage technology. We have distinct but complementary skills, expertise, and distribution networks.

“And we share a bold strategy to create a strong, efficient packager that is trusted by clients, brokers and lenders.”

Mick Ramage, managing director of Hoyl Group, said: “We have owned Solent Mortgage Services since 2008 and are pleased to announce that we have agreed this deal with TFC Homeloans – an organisation which is the perfect fit at the right time. We will retain an interest in the overall group and are excited about its future plans.”