Mortgage Advice Bureau (MAB) is to expand into the Australian market.
In a statement to the stock exchange, MAB’s chief executive, Peter Brodnicki, said: “In considering opportunities for extending MAB’s distribution outside the UK, we saw many similarities between the UK and Australian mortgage markets.
“MAB intends to establish a new joint venture in Australia, trading under the Mortgage Advice Bureau brand. The joint venture will embrace many of the proven systems and processes adopted by MAB in the UK, with centralised lead generation, and telephone and regionally based advisers combining to deliver a comprehensive service to the Australian public.
“We expect the new joint venture to be trading before the year end.”
MAB posted its interim results, with profit before tax up 34% and MAB’s market share increasing by 20% compared to the same period last year.
Brodnicki said: “After a strong start to the year, adviser productivity eased slightly in the run up to the EU referendum. From that point, we saw the usual quieter period in the housing market over the peak summer holiday months. Since the referendum, overall written business volumes have held up well, with industry data indicating that the housing market remains relatively stable.
“House prices continue to grow and a slight softening in the number of house purchases has been partly offset by increased activity in both residential and buy-to-let remortgaging.
“Our focus remains to continue to grow our market share in all market conditions.”