Mortgage News
London & Country reaps £1.77m in profits
London & Country Group saw profits before tax of £1.77m in 2012 with a significant increase in income from protection, results have shown.
Income from life and protection policies jumped 18% over the year. The mortgage brokerage also built on its relationships with estate agents and other professionals in the mortgage process.
The results marked a return to profits after a £0.25m loss in 2011. This was due to the decision to award staff bonuses totalling £1.4m for the progress they had made that year.
London & Country Mortgages communications head David Hollingworth (pictured) said the firm had benefited from greater competition in the market: “From a broker’s perspective the products have improved, there are more products available and that is what you want.
“The hard work that everyone has put in over the more difficult years means that we are hopefully a more efficient business. The Mortgage Market Review is coming in and we feel well-placed to deal with that.”
The firm makes 2.4% of its income from relationships with estate agents and by the end of 2012 had established relationships with 80 companies.
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It is also placing more focus on income from referral fees from solicitors, surveyors and insurers.
Although the firm doubled the team in its Newcastle office earlier this year, staff numbers remained broadly stable.
It reduced direct lead costs as a percentage of income from 7.6% to 6.8%.