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Stonebridge facilitates £7.7bn of mortgage lending

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  • 06/02/2020
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Stonebridge facilitates £7.7bn of mortgage lending
Mortgage and insurance network Stonebridge completed £7.7bn of mortgage lending last year, an 11 per cent increase on its 2018 completions.

 

Mortgage application case numbers received by the network rose by five per cent on the previous year and by value they increased six per cent.

Strong protection volumes for the network generated £16.5m of life commissions, up by 10 per cent on 2018, it added.

General insurance business completed in 2019 increased by 13 per cent on 2018.

In the analysis of its mortgage business, Stonebridge revealed that purchasers made up 49 per cent of its overall mortgage submissions – this had fallen slightly from 50 per cent in 2018 and 55 per cent in 2017.

The other 51 per cent of its business was made up of remortgage or product transfer business. Some 20 per cent of its remortgage business was for product transfers.

 

Buy-to-let steady

Stonebridge also said that its buy-to-let business had remained steady during 2019, holding firm at 17 per cent of its overall business submissions, the same figure as 2018.

Of this buy-to-let business, purchases had increased to 24 per cent, up from 15 per cent in 2018, and 76 per cent was for remortgaging.

The network said its growth was slightly ahead of forecast reflecting its continuing progress in driving up income per adviser, with this figure outstripping adviser growth.

Stonebridge revealed a 7.5 per cent growth in adviser numbers over the course of 2019, with the network having 644 individual advisers in 320 appointed representative (AR) partner firms at the end of the year.

 

Positive year ahead

The network announced plans to upgrade its Revolution software system with features such as dashboard reporting, additional equity release capability, and the introduction of automated fee agreements, file checking and compliance remedies. The system developments will be completed by the end of 2021.

Jo Carrasco, (pictured) business partnerships director at Stonebridge, said: “Over the course of 2019 we outperformed the previous 12-month period, saw adviser and firm numbers increase, added new lenders and providers to panel, plus developed our unique Revolution system in a number of areas.

“There is no hint of us resting on our laurels as we have ambitious plans for the future and want to keep developing the Stonebridge proposition, helping our existing members grow their teams, and bring on board new AR firms that will grow and thrive within the network.”

She added: “Last year ended on a high with record mortgage completions and January applications continued in the same vein. We are highly positive about the year ahead and further into the future.”

 

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