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Stonebridge sees mortgage applications jump 60%

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  • 09/10/2015
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Stonebridge sees mortgage applications jump 60%
Mortgage and insurance network Stonebridge Group has confirmed it did £1bn worth of mortgage applications in its third quarter, a record breaking figure for the firm.

Quarterly results published by the financial adviser network showed that the number of total applications increased significantly compared to a year ago, increasing by 69% to 6,259.

Mortgage applications have risen 60% since the same time last year, growing to 16,000 for the first three quarters of the year, already exceeding the 14,000 applications recorded in 2014.

Life business at the network has also enjoyed strong growth, with applications up 178% on the same period in 2014, outstripping activity at the network’s mortgage arm. On an annual basis, applications in quarter three were up 92% compared to the same period in 2014.

Richard Adams, managing director of Stonebridge Group (pictured), said: “In the protection sphere we have also seen considerable growth in large part due to the buy-in from our member firms to ensure all customers are adequately protected. Protection advice is not a ‘nice to have’ within Stonebridge firms, it is an absolute essential part of their services. This has meant overall protection activity growth has even outstripped our mortgage performance, and is testament to the ongoing focus from our firms in this area.”

Adams added that the firm was developing a number of products due for launch in early 2016.

He said: “Overall these results are down to a combination of considerable growth from our existing partner firms alongside an excellent recruitment strategy. We believe that, with our investment from Shepherd Direct, 2015 has already been a landmark year for Stonebridge and we are currently developing a number of ground-breaking products which will launch in early 2016 that will help maintain the network as a highly attractive option for both existing and new AR firms.”

As Mortgage Solutions revealed this month, Stonebridge struck a joint deal with network Tenet to provide mortgage and wealth services for firms joining Stonebridge from Legal & General following L&G’s decision to deal only with directly authorised firms.

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