Stonebridge has published results for its 2020-21 financial year.
Mortgage completions were over £8.5bn for the year, up by 9% on the previous year. Meanwhile, March 2021 lending completion figures alone were over £1bn, a 79% year-on-year increase while mortgage application figures for the month were 20% up on the previous year.
In the analysis of its mortgage business, Stonebridge reported that – for the first three months of 2021 – purchasers made up 57% of its overall mortgage applications, compared to remortgaging at 43%. This compares to a 49% purchase/51% remortgage breakdown for 2020 as a whole.
The mortgage and insurance network said its AR firms were continuing to maximise the opportunities presented by buoyant mortgage market conditions with the stamp duty holiday extension providing a further catalyst to borrower demand. It said April 2021 had been as strong as March for both completions and applications.
Meanwhile, at the end of March this year, the network had grown to 829 RIs across 412 firms – an annual increase of 18%.
Rob Clifford (pictured), chief executive of Stonebridge, said: “Given how the financial year started for the housing and mortgage market back in April last year, to have posted these excellent results, particularly for mortgage lending and growth of the business, is very satisfying and is testament to the quality of our AR firms and those of the entire Stonebridge team.
“To say the last 12 months has been challenging would be an understatement, and while our Head Office is again open – and we have made a considerable investment in turning it from a traditional office to a more collaborative space – the majority of Stonebridge staff are still working remotely by choice.
“I am incredibly proud of the way they have handled their work responsibilities through this pandemic and their continued commitment to supporting our AR firms.
“Once the housing market reopened in mid-May last year, activity levels took off and it more than made up for the fallow period, with completion levels and applications being particularly strong.
“As a result of that ongoing demand, our existing AR firms have been able to grow, bringing on more advisers themselves, and we continue to focus heavily on recruitment to the network. This has meant the number of RIs is at record levels – 18% up on the previous year.
“We know we have to match that growth with resource – both human and otherwise – which is why we have recruited across many departments, and will continue to do so, in order to make sure we provide firms with a quality service, market-leading technology via Revolution, and continued access to the best product and service opportunities.
“Overall, and in particular because this has been a year like no other, I must say a huge thank you to all AR firms, all our lenders and provider partners, and all of the Stonebridge team. It has been tough for all at times but everyone responded magnificently to these trying times, and rose to the occasion.”
