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Countrywide arranges 13,127 mortgages in Q1

Countrywide’s financial services division arranged 13,127 mortgages in the first quarter of 2012, up 77% from the same quarter the previous year.

Yuan Phoon, 26 April, 2012

The total value of the mortgages arranged in Q1 2012 reached £1.7bn, more than doubling the previous the £0.8bn of mortgages arranged in the first quarter of 2011.

Cross-sales of life insurance policies and general insurance policies also increased.

Countrywide sold 8,802 life insurance policies and 9,062 general insurance policies in the first quarter of 2012, up 45% and 29% respectively from Q1 2011.

The quarterly report said: "In 2012, there has been a 40% uplift of our customers coming off their existing mortgage deal therefore it was especially pleasing to see growth in the remortgage market share. We expect this to continue this year.

"We also expect our buy-to-let volume to increase reflecting both the rental market and our developing closer links with the lettings division.

"Our Mortgage Intelligence acquisition continues to move forward profitably, with Hurst Independent Financial Services and Slater Hogg Mortgages successfully moved to our Mortgage Intelligence network reducing group costs."

Grenville Turner, chief executive of countrywide, said: "We have seen an encouraging start to 2012 with all divisions contributing to an improved financial result, in fact our strongest Q1 financial result since 2007.

"We are currently at a crossroad for homeownership. With the market operating at half the long-term average, we call on the government to take effective action to boost the residential housing market as the risk of a further drop is increasing."

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