MAB launches financial risk assessment tool

MAB launches financial risk assessment tool

The financial risk assessment tool will show the potential capability of a customer recovering from life-changing events that may also result in a financial setback, such as the death of a loved one, disability or being unable to work due to ill health. 

Based on basic financial information submitted to the tool, it predicts how each event could impact someone’s financial position. 

MAB said this could open up the conversation of protection before an appointment with an adviser is made. 

The tool will direct clients to a protection adviser, and the firm said it could target new customers who may not otherwise consider getting protection advice, such as private renters. 

The firm said this would be beneficial from a Consumer Duty perspective, as it would help to deliver good customer outcomes. It can also allow clients to regularly review their financial position by updating their tool when their circumstances change, potentially leading to an appointment with an adviser. 

Andy Walton (pictured), proposition director of protection at MAB, said: “We’re thrilled to have launched our new financial risk assessment tool, which offers a wealth of benefits for brokers and customers alike.

“The tool recognises the need to help customers better understand and navigate the protection options available to them, regardless of their financial position.”

He added: “It offers an engaging, educational user experience, empowering customers to recognise their level of risk and take action to ensure they’re protected against whatever life may throw at them. It also helps to connect customers with a protection adviser, who will be able to provide bespoke advice tailored to their specific circumstances.” 

This month, MAB reported £25.1bn gross mortgage completions.

TML launches into shared ownership market

TML launches into shared ownership market

Entering the shared ownership space, the lender has launched two- and five-year fixed products up to 95 per cent of the share being purchased, and these are available on homes with an Energy Performance Certificate (EPC) rating of A to C. This includes properties sold through an approved housing association and other registered scheme providers. 

Chris Kirby (pictured), head of sales at TML, said: “I’m pleased to be able to offer a shared ownership proposition that will help to better support brokers and their clients. Our proposition will provide a greater range of possibilities for customers with smaller deposits, be that by optimising affordability based on how we assess self-employed and complex incomes or by taking a more pragmatic approach to past credit issues.” 

The lender recently launched options at 90 per cent loan to value (LTV) to broaden its offering for residential borrowers. These products are also only available on properties with a high EPC rating. 

Kirby added: “As with our 90 per cent LTV residential products, by introducing a shared ownership range available to properties with an EPC rating of A to C, we are providing a further option to those looking for lower-emitting, more energy-efficient and cheaper-to-run properties.” 

 

Shared ownership to support first-time buyers

The shared ownership products from TML have been welcomed by brokers operating in the market.  

Mobeen Akram, new homes director at Mortgage Advice Bureau (MAB), said: “Affordable housing schemes, such as shared ownership, have the potential to help many more first-time buyers who may be underserved in the mainstream market. The new homes sector forms a vital part of the puzzle, helping the UK to meet its net-zero targets.  

“We’re delighted to see TML’s involvement with the shared ownership scheme, in addition to all their hard work in supporting the new homes sector. This appetite for supporting first-time buyers has never been more important, and is a positive move in helping a more diverse customer base find solutions to homeownership.” 

Rupi Hanjan, managing director at Censeo Financial, added: “It’s becoming increasingly important to have a greater range of solutions for all homebuyers, especially for those who may have smaller deposits but still have home ownership aspirations, so it is really pleasing to see further choice for customers with TML’s launch into the shared ownership market for those more energy-efficient and cheaper-to-run properties. 

“This is welcome news and gives us more opportunities to support clients underserved by traditional lenders, whether that be due to their income structure or self-employment status, and is further indication of the growing importance of shared ownership in the new build market as a means to get people a foothold on the housing ladder.” 

MAB expecting higher profits after improved market activity

MAB expecting higher profits after improved market activity

In its trading update ahead of the publication of its final results on 19 March, MAB said it took a “cautious view” on activity levels for the final three months of 2023 but this was “better than anticipated”. 

As a result, its profit is predicted to be higher than the market consensus. 

MAB said while UK Finance estimated gross new mortgage lending had come to £226bn in 2023 representing a 28 per cent annual decline in business, MAB’s revenue rose by four per cent to around £239m. 

The group saw its adviser numbers fall by four per cent over the period to 2,158 which it said was expected. 

By the end of the year, the number of mainstream advisers at MAB fell by eight per cent to 1,918. 

MAB said there were signs of increased purchase activity so far this year and written mortgage volumes were “substantially higher” than January last year. 

“Whilst uncertainty remains in the wider political and geopolitical environment, current trading is encouraging,” it added. 

The group said it was in a “strong position” to capitalise on the market’s recovery. 

Mortgage Advice Bureau does not expect to see organic growth in adviser numbers this year, but its appointed representative (AR) firms are predicted to resume recruitment sooner than planned. It said this would lead to a return to previously reached levels of adviser growth by 2025. 

MAB said the addition of AR firms saw activity levels rise in the second half of last year and this was set to continue going forward. 

“Our delivery of technology, lead generation and retention initiatives are proving compelling, and we expect that to be reflected in our recruitment of new firms this year,” it added. 

 

MAB: A challenging year 

Peter Brodnicki (pictured), CEO of MAB, said: “2023 was an exceptionally challenging year with consumer confidence heavily impacted, resulting in many customers deciding to delay their house purchase or refinancing. 

“Against this difficult backdrop, I am very pleased with how MAB has significantly outperformed the market. To ensure we are in the best possible shape when market conditions improve, we have continued to invest across the entire group to drive lead flow and deliver optimal business and adviser efficiency.

“There is a great deal to be positive about, and our technology developments and lead initiatives, including the addition of Fluent, have broadened our addressable market and strengthened our growth plans.” 

Borrower awareness and interest low on green mortgages, advisers say

Borrower awareness and interest low on green mortgages, advisers say

A report from Mortgage Advice Bureau (MAB) showed that 65 per cent of advisers said their clients were not aware and did not understand green mortgages, up from 63 per cent in 2022. 

The subject of green mortgages is also coming up less frequently, advisers said, with 16 per cent of conversations happening without a mention of product compared to 12 per cent the year before. 

Advisers put this down to the uncertainty of 2023, with 52 per cent saying clients were more concerned about the rising cost of living which made it hard to broach the subject of EPCs and retrofitting. 

 

Challenges with green mortgages

Regarding the difficulties around borrower awareness and green mortgages, 17 per cent of advisers said information overload was an issue while 11 per cent said conflicting messages made it hard to educate clients. 

Some eight per cent suggested that the government softening its net zero requirements for homeowners and landlords made it harder to inform clients of green mortgages and seven per cent said there were challenges around the inaccuracy of EPC ratings. 

As for how this could be resolved, 22 per cent of advisers said there needed to be more public awareness and education on the benefits of green mortgages. A quarter of respondents said lenders should offer more competitive rates and incentives, while 22 per cent said a broader product range was needed. 

Some 82 per cent of advisers said they only mentioned green mortgages if they knew clients had or were looking at a property which met product criteria. Although awareness of green mortgages among clients is low, 45 per cent of respondents said there had been noticeable progress in the green mortgage sector compared to a year prior. 

 

Still progress to be made 

Ben Thompson, deputy CEO at Mortgage Advice Bureau, said: “The past 12 months have seen advisers dealing with numerous challenges. Rising interest rates coupled with the higher cost of living has meant that for many customers, the cost of their mortgage has been front and centre. However, it remains vitally important that advisers keep having these conversations to inform customers if they (and the property they own/are buying) may be eligible for a green mortgage. 

“There is also still a lot of progress to be made in this area from an industry point of view, and more to be done to make green mortgages more attractive. This could be innovations that give customers the potential to borrow more, receive a lower interest rate, or by offering other benefits. As the market settles and finds a new normal, green mortgage innovation should be at the very forefront of the industry’s priorities.” 

Green mortgages now offered by nearly six in 10 lenders – MAB

Green mortgages now offered by nearly six in 10 lenders – MAB

Mortgage Advice Bureau (MAB) polled 49 lenders and found that 59 per cent intended green or net zero mortgages to be a permanent part of their offering. 

Some 12 per cent said green mortgages would become the norm and eventually replace the standard mortgage product. 

Most lenders did not believe that green mortgages would overtake the market, as 84 per cent said they would remain as a product segment. 

 

Little development in green mortgages

Although more lenders are offering a green product, 61 per cent of lenders said the market had not changed in the past year, while a quarter were unsure if there had been any progress. Just 14 per cent said there had been developments in the green mortgage space. 

When it comes to product development, 39 per cent of lenders think expanding ranges to suit diverse borrower needs was the main priority while 16 per cent said addressing the affordability challenges of standard mortgages was the main priority.

Some 14 per cent said managing interest rate changes was more important. 

Ben Thompson, deputy CEO of Mortgage Advice Bureau, said: “Climate change is an issue we all must act on, and the uptick in green mortgage products on the market is encouraging news. It’s important that this shift stays front of mind for both the industry and property owners, as energy bills and what we can do on an individual level to reduce our climate impact stays firmly in the spotlight. 

“While the country’s net zero targets may seem far away, the reality is that we’re hurtling towards them at a startling rate. At a policy and industry level, we have a responsibility to push the housing market to a more sustainable future – one that is as energy efficient as possible. Green mortgage products – and the wider promotion of these – is one part of the puzzle, and now we must ensure these are being put to prospective buyers.” 

Fluent Mortgages to trial Koodoo AI for advice process

Fluent Mortgages to trial Koodoo AI for advice process

Koodoo’s AI tools will be integrated into Fluent Mortgages’ process with an aim to streamline certain aspects, but this is not expected to replace the role of advisers in the process. During the pilot, client data will be handled securely and not shared with any general models. 

Earlier this year, Koodoo announced that it developed its AI tool to be able to pass a CeMAP qualification with an expectation for it to become a “co-pilot” for advisers during the advice process. 

Speaking on a Kensington Mortgages webinar this week, Koodoo CEO Andrei Lebed said the tool could be used to complete simple tasks and free up advisers’ time. 

Lebed said: “We are thrilled to join forces with Fluent in this pioneering pilot phase. By integrating our AI tools into Fluent’s large-scale operational and customer processes, we will be able to fine tune our models with live data and fully develop our tools to assist both advisors and consumers. We’re excited to witness the transformative impact of AI on the industry.” 

 

Fluent: ‘Harnessing the power of AI’

Tim Wheeldon (pictured), COO of Fluent Mortgages, added: “This pilot with Koodoo is a testament to our commitment to providing the best possible service to our customers. We believe that by harnessing the power of AI, with the right controls in place, we can elevate the capabilities of our mortgage advisers, our compliance staff, and ultimately improve the mortgage experience for our clients.  

“The potential for increased efficiency, compliance, and customer satisfaction is huge. We can’t wait to see the positive changes this pilot will bring to the mortgage industry.” 

The state of the base rate: a balancing act for the UK economy – Akram

The state of the base rate: a balancing act for the UK economy – Akram

The recent decision by the Bank of England (BoE) to hold interest rates for the second time in a row at 5.25 per cent is testament to the careful consideration being given to the state of our economy. This pause offers some relief to homeowners who have endured 14 consecutive rate rises, and may signal the end of a challenging period for savers and borrowers.   

That being said, there is still plenty that we need to take with a grain of salt.   

  

Mortgage rates stabilising  

For many, the pause in rate hikes will feel like a breath of fresh air. Mortgage rates have previously been on the rise, which puts pressure on homeowners, particularly those coming off a low fixed rate.   

This pause will also provide a momentary reprieve for those on tracker or standard variable rates (SVRs), who have been seeing their monthly payments increase substantially over the past year.   

However, interest rates and inflation are a complex issue, and the BoE’s unwavering dedication to a two per cent inflation target is still set to be a steep climb.  

Despite the more positive aspects of the interest rate pause, there is still uncertainty in the UK’s overall economic outlook. The fact that interest rates have been held at their highest level in 15 years underscores the challenging environment in which we find ourselves.  

  

Divided opinions  

Moreover, the decision to hold off on any rate hikes was not a unanimous one within the Monetary Policy Committee, with six of the nine members voting for a pause. Internal division could be indicative of the complexity of the situation, with varying opinions on the best course of action muddying the playing field.  

  

Decreases in household wealth  

We know the slew of rate rises has not been without consequences, despite the impact it has had on inflation. A report by the Resolution Foundation suggests that the hikes have led to a substantial drop in household wealth, primarily due to reduced house prices and pension values.  

This decline in household wealth from 840 per cent of GDP in 2021 to 630 per cent in 2023 highlights the potential adverse effects of sticking with prolonged high interest rates. In fact, some argue that maintaining the status quo might not be enough to address pressing issues in the country. Whether it’s families struggling with high prices, increases in the cost of debt, or a rise in unemployment, these are issues which must be addressed.   

  

The issue in inflation   

From September 2021 to September 2023, food prices increased by 28.4 per cent. Previously, it took over 13 years – from April 2008 to September 2021 – for the average cost of food to rise by the same amount. The latest update from the ONS puts the CPI at 4.6 per cent, down from 6.7 per cent in September.

While this figure is at a two-year low, it remains notably higher than the central bank’s two per cent target.

  

Hope on the horizon  

We can still say that in this challenging economic climate, the BoE’s decision to pause interest rate hikes offers a glimmer of hope. It has been a tough journey for both homeowners and savers, and the pause may usher in a period of stability and potential opportunities for those looking to enter the housing market. Lenders may also be encouraged to offer more competitive mortgage rates, and we’re seeing fixed rates of sub-five per cent in the market, largely for those with equity in their homes already to put towards a deposit.   

It’s important to acknowledge that we’re walking through what is inherently a delicate balancing act, and while there are challenges to navigate, the BoE’s role as a guardian of economic stability remains critical. Its decisions will shape the future of the UK’s financial health, and we must hope for a positive outcome.   

High interest rates, while sitting within their share of challenges, do serve as a tool to address the pressing issue of inflation, and we believe the path is being charted appropriately in order to steer the economy towards more stable waters. 

Small increase to base rate may be sign of BoE running out of steam – industry reaction

Small increase to base rate may be sign of BoE running out of steam – industry reaction

The Monetary Policy Committee (MPC) announced the base rate had been increased to 5.25 per cent with a vote of 6-3. One member wanted to hold the base rate at five per cent while two wanted to raise it to 5.5 per cent. 

The member who wanted to hold the rate said the monetary policy had become restrictive and risked overtightening. 

The 0.25 per cent hike was widely expected after inflation dropped to a better-than-expected 7.9 per cent, but some industry figures questioned whether it was the right decision. 

Samuel Mather-Holgate, financial adviser at Mather and Murray Financial said raising the base rate when the previous increases had not fully filtered through was “absolute lunacy”. 

He said: “Only one member of the MPC wanted to maintain its previous level and they should be applauded. This further rise will add misery to homeowners and those with business finance.  

“An already lifeless housing market will shrink further into itself, not to reappear until spring. The governor needs to get a grip and reverse these hikes before the end of the year.” 

Amit Patel, adviser at Trinity Finance, agreed, adding: “This is unmitigated madness. This is another nail in the coffin for millions of mortgage holders and small to medium-sized businesses that are the lifeblood of the economy.  

“Consecutive rate rises so far have not controlled inflation, which has been compounded by the energy crisis, Brexit and food prices due to poor harvests globally and greedflation by the supermarkets. Effectively, the BoE is triggering a recession, which is both reckless and irresponsible.” 

Mark Harris, chief executive of SPF Private Clients, said it would be better if the central bank halted its course of action.  

He added: “It’s time for the bank to press the pause button. Give this latest rate rise time to take effect and see how the markets react before deciding whether to continue with these rate increases. Consecutive rate rises have been painful; it’s time to let them do their job, rather than causing continued anxiety and distress for borrowers.” 

Adam Oldfield, chief revenue officer at Phoebus Software, also suggested it may have been “wiser to give the last rise more time to take effect” and said it would be interesting to see how the bank’s next forecast and review would influence the MPC’s future decisions.  

Andrew Gething, managing director of MorganAsh, said although inflation had improved, the BoE probably did not have the confidence to loosen its policy yet. 

He added: “Pressures in the labour market and with services inflation will undoubtedly remain a key consideration for the MPC moving forward.” 

 

Not bold enough 

Jonathan Samuels, CEO of Octane Capital, had a differing view and felt the central bank was not acting strongly enough.  

He said: “Whilst an unpopular opinion, it could be argued that the BoE hasn’t been daring enough in their decision to increase rates again today and really another 0.5 per cent increase was needed in order to tame inflation.  

“It’s far better to have a short period of pain brought about by higher interest rates, rather than a sustained period of significant economic turmoil and uncertainty.” 

Samuels referenced America and said rates there started to rise around the same time as the UK but more aggressively, and inflation in the US had already fallen to three per cent. 

“If we had been as bold, then we too would be close to achieving the much heralded ‘soft landing’ and would be far closer to interest rates falling than we are now,” Samuels said. 

This was a point supported by the two members who wanted the base rate to rise to 5.5 per cent. The minutes from the MPC’s meeting said they believed it was “important to lean more actively against inflation persistence” as this had been previously “under-predicted”. 

 

Limited impact on mortgage rates

While the last few base rate increases have had wide-reaching knock-on effects on mortgage pricing, it was noted that the latest change was unlikely to have a notable impact. 

Steve Seal, CEO, Bluestone Mortgages, said although many mortgage borrowers were being “squeezed to the limit”, lenders had already started to lower rates because of easing inflation. 

Richard Donnell, executive director of research at Zoopla, said it was not all “doom and gloom for the housing market” as mortgage rates seemed to be peaking and the majority of people were on fixed deals. 

Matt Thompson, head of sales at Chestertons, said the latest increase would affect homeowners on variable rates as well as overleveraged buy-to-let investors. 

He added: “Although there still is a vast number of buyers wanting to move as soon as possible, rising interest rates are forcing house hunters to be more cautious, review their financial situation and calculate a more conservative budget.  

“Whilst this has recently resulted in fewer new buyers entering the market, we expect activity to pick up again once buyers have adjusted their criteria and lenders are bringing more products to the market again.” 

 

Coming to the end? 

Others saw the 0.25 per cent rise as a sign of the beginning of the end. 

Giles Coghlan, chief market analyst, consulting for HYCM: “Today’s decision was a close call, with policymakers divided between a 25 basis points (bps) or 50bps rate hike. Given that the latest inflation data has shown demonstrably that the BoE’s bitter medicine is starting to work, shifting gears down to a 25bps hike was sensible.” 

He said inflation would continue to fall and “despite concerns about economic growth, today’s hike is yet another sign that the central bank’s quantitative tightening could be nearing completion, and we should see the hiking cycle soon coming to a halt, with more modest hikes in the pipeline until then”.

“Investors should expect some volatility in the aftermath of today’s decision,” Coghlan added. 

William Scoular, head of private client lending at Investec Real Estate, said the decision could indicate that the “interest rate rise juggernaut could finally be running out of steam”.  

He added: “There is growing evidence the inflation balloon is starting to deflate, as the bitter monetary pill UK consumers have had to swallow starts to take effect.” 

Brian Murphy, head of lending at Mortgage Advice Bureau, said: “Many will be hoping that we are nearing the peak of interest rate hikes.  

“Rates on fixed term products have been dropping marginally in the past few weeks, and there remains hope that they will continue to do so, despite the decision to increase overall rates for the 14th time in a row.” 

MAB’s adviser numbers drop despite strong H1 performance

MAB’s adviser numbers drop despite strong H1 performance

In a trading update for the first half of the year, the company said it started 2023 with a “lower than expected” pipeline of written mortgages and new appointed representative (AR) firms. Its existing AR firms also “focused on efficiency and paused recruitment, leading to a reduction in adviser numbers”. 

During the period, there was a five per cent rise in organic revenue per adviser. 

In all, MAB’s revenue was up 21 per cent on last year to £116m including one per cent of “organic growth”, which was against the backdrop of a 40 per cent fall in new mortgage approvals across the wider market. 

 

‘Outperforming’ the market 

MAB said the group performed better than the wider mortgage market as its share of gross new mortgage lending increased to eight per cent in the five months to May. MAB said it continued to grow its market share due to strong leads and the quality of its AR firms. 

MAB said the new mortgage approvals reported in Q2 indicated that activity had started to improve, however, it said market conditions would “toughen further” for the remainder of the year. It cited a continued rise in mortgage rates as well as a drop in home buying and moving activity but said this should recover once inflation was under control. 

“It is too early to anticipate when that will happen, but when it does MAB will have increased market share and be in a very strong position to capitalise on the recovery and the inevitable catch up in house purchase transactions that will follow. 

“However, we expect refinancing will continue to perform strongly,” it added. 

MAB said its new AR pipelines had returned back to pre-mini Budget levels and expected this to continue throughout the second half of 2023. It said its AR firms would be able to plan better when the economic outlook became more certain, which would lead to organic growth in adviser numbers. 

Peter Brodnicki (pictured), CEO of MAB, said: “We had hoped to be in a period of interest rate stability as we entered Q3, followed by a resumption in organic adviser growth in Q4. Instead, we find ourselves in an environment of continuing interest rate rises, reduced affordability, and cost of living increases, all of which are naturally impacting consumer confidence. Despite strong underlying demand for property, some buying decisions are understandably being delayed by our customers until we have a more stable economic and interest rate environment.” 

He added: “Despite the additional market pressure, I am delighted with how MAB is performing and how our market share continues to grow. Remortgages and increasing numbers of product transfers currently represent around 60 per cent of our written transaction volumes. This will deliver MAB a greater number of refinancing opportunities in the medium term, with the group’s advisers performing particularly strongly in this area.” 

Exclusive: Belton joins MAB in raft of appointments; Murphy to retire

Exclusive: Belton joins MAB in raft of appointments; Murphy to retire

To further its ambitions within the mortgage sector, MAB is investing in a larger lending team which it said will allow deeper specialisation in green mortgages, facilitate innovative pathways for first-time homebuyers, and expand its expertise in specialist mortgages.

The advice group said this will bring closer collaboration with its lender partners and that the appointments align with MAB’s aspirations to become a leader in green mortgages.

Ex-head of lender relationships at L&G Mortgage Club Belton will replace Murphy as head of lending, reporting into Ben Thompson, MAB’s deputy CEO.

“With more than 30 years at Legal & General (L&G), and considerable experience in growing the L&G Mortgage Club, Danny’s industry knowledge and enthusiasm stands him in excellent stead for the role,” said the firm.

 

Working for a greener industry

Karina Gerdes is an internal appointment, after her ‘significant contribution’ to Environmental Social Governance (ESG) at MAB. She will work alongside Belton to drive the growth of green mortgages and further MAB’s ESG plans.

Steve Humphries, previously proposition director, later life and wealth, will take on the new and wider role of proposition director, mortgages. He will help firms and advisers to identify incremental mortgage opportunities across the wider market, including later life lending, as well as the increasing number of mortgages MAB are involved in that require more specialist knowledge.

Aaron Conlon, currently managing director at Fluent Lifetime, has been appointed to work with Humphries. This forms part of MAB’s decision to bring its Later Life lending proposition in-house, to ‘provide a more inclusive service’ to its business partners and their customers.

MAB said: “With vast experience and knowledge in this market, Aaron’s responsibilities will extend to growing MAB’s new Later Life lending proposition alongside Fluent’s.”

On the appointments, Ben Thompson, Deputy CEO, Mortgage Advice Bureau, said: “After so many years of Brian, it will be sad to see him leave MAB. We wish him every happiness for the future and thank him for his extraordinary efforts in helping MAB to get to where it is today. We will all miss him.”

 

Strengthened lender team

He added: “Separately, this is the right time for MAB to further strengthen its presence in lending, and so I’m delighted to welcome Danny to MAB as our new head of lending. Also, despite the clear 2050 net zero agenda for carbon emissions and the various housing and mortgage-related targets, green mortgages are hardly scratching the surface yet and need to grow. Danny and Karina will work closely in this area and help to stimulate greater momentum, and this is an exciting time to be pushing harder in this space.

“It’s also great that we have strengthened in more specialist areas, such as later life lending. We are keen to provide broader choice for advisers and greater inclusivity for customers through bringing this important area in-house. Appointing Steve into his new role will also help us to help more aspiring first-time buyers, ensure those with more specialist lending needs obtain mortgages, and again find ways for advisers to write more business and help more customers. It’s also great to have Aaron’s expert support alongside Steve, as he broadens his role to help MAB, as well as Fluent Lifetime.

“We are really excited about what these changes mean, and this investment will help us to provide greater support to all our stakeholders, and also grow our market share of new lending further.”

Clare Beardmore, director, Legal & General Mortgage Club, added: “Legal & General Mortgage Club has always championed the importance of collaboration, and we’re looking forward to continuing our work with all our key contacts over what is shaping up to be a busy summer. We’re committed to ensuring all our partners have the support they need and working with them to transform the future of our industry.

“Danny Belton has been at Legal & General for 35 years, and I’d like to personally thank him for all he has contributed to the Mortgage Club during his time with us. We wish Danny nothing but the best with his new role.

“We’re in regular contact with all of our Mortgage Club members, our partners, and our peers in the mortgage industry, and we’ll share more about our plans for the future in the coming weeks.”

In June, MAB announced its partnership with conveyancing comparison service Smoove to enhance legal services to its brokers.

MAB has more than 2,000 advisers offering mortgage, protection and general insurance advice on a local, regional, and national level to consumers and handles over £20bn of loans annually.