360 Dotnet has revealed that its platform, 360 Lifecycle, achieved various milestones in the second quarter of 2023.
360 Lifecycle facilitated over £10.5 billion in lending during Q2 2023, marking a significant increase of £1 billion from the previous quarter, bringing the total lending for 2023 to £20 billion. Since 2010, the platform has facilitated over £275 billion in mortgage lending.
In Q2 2023, the platform saw a 5% increase in mortgages written compared to Q1 2023, totalling 44,000 mortgages, with a total of 85,000 mortgages for Q1 and Q2. Halifax took the top lender spot for Q2 2023, overtaking NatWest from Q2 2022 by 13%. NatWest remains in second place, followed by Barclays.
With over 10,000 product transfers in Q2 2023, 360 Lifecycle experienced a remarkable 88% increase compared to the same period in 2022. Additionally, there was an 81% increase in product transfers for Q1 and Q2 of 2023 when compared to the previous year.
Life and income protection (IP) providers L&G, Aviva, and Royal London have secured the top three spots in 360 Lifecycle’s provider spread.
60%-80% remains 360’s highest LTV range, accounting for 37% of all mortgages. Notably, 80%-95% LTV range has increased by 13% compared to Q1.
The number of Client Portal users surpassed 186,000. This marks a 15% increase from Q2 2022.
360 Lifecycle witnessed over 75,000 FactFinds created in Q2 2023. This represents a 3% increase from Q1 and an 8% increase from Q2 2022. Since 2015, the platform has facilitated over 1.4 million FactFinds.
Ozgur Unlu (pictured), CEO of 360 Dotnet, said: “In the second quarter, we showcased our dedication to revolutionising the mortgage industry. By facilitating £10.5 billion in lending and witnessing a surge in mortgage applications, our platform continues to empower advisers and their businesses. We are proud to be leaders in the industry and we remain dedicated to driving innovation and delivering exceptional results.”
Stephen Cowdell, head of intermediary sales at 360 Dotnet, added: “We have achieved impressive milestones in Q2 2023, solidifying 360 Lifecycle’s position as the leading software provider for mortgage and insurance advisers. With over £10.5 billion in lending facilitated during the quarter and a total of £20 billion for the year, our platform continues to transform the industry.
“Noteworthy increases in mortgages written and product transfers, along with the platform’s role in seamless interactions between advisers and clients, highlights success. These achievements reaffirm 360 Lifecycle’s excellence in client management.”
