Stonebridge has revealed that it broke its record for lending applications submitted during October 2019.
Throughout the course of October, the mortgage and insurance network submitted £868 million worth of lending applications – a record month for the business and up from £820 million in September, and up 5% on October last year
The network was also able to announce ongoing growth in both the number of appointed representative (AR) firms joining the business and the number of existing firms who have increased their adviser numbers.
During October, 14 advisers joined the network – taking the overall total number up to 639 across 316 firms, while 10 existing network firms expanded their adviser numbers during the month.
Rob Clifford (pictured), chief executive at Stonebridge, said: “There is much speculation currently about the performance of the UK mortgage market but our most recent lending figures for applications submitted show a significant month-on-month improvement, to a point where October was a record month for the business.
“That’s very reassuring and is down to the quality of our AR firms and their advisers, and the clear benefits they provide to their clients in terms of the mortgage advice on offer.
“We anticipate that the gross mortgage lending figures for the year for all UK Finance lenders will be marginally ahead of 2018, and it’s clear from our own data that our AR firms are taking a larger share of this.
“Looking ahead, we anticipate that the demand and need for mortgage advice will only grow, and it may also be that those who’ve felt they needed to sit on their hands during 2019 – especially given the political uncertainty – will find they come to a point of action during 2020.
“Our AR firms are making the most of our technology and are planning ahead for an increase in this demand, and it’s incredibly heartening to see these businesses, with our help, growing organically and adding new advisers to their overall propositions.
“We will certainly continue to support them with a raft of opportunities and we believe that all types of advisory firms will find plenty to interest them within the Stonebridge offering.”