MAB reports 46% rise in revenue
The Mortgage Advice Bureau (MAB) has reported a 46% rise in revenue, increasing its total figure to £92.4m.
Statutory profit before tax has risen from £6.1m to £10.8m, while adjusted profit before tax increased to £11.6m from £7.9m, year-on-year.
The results show that advisers achieved gross mortgage completions of £11bn in H1 2021, up from £7.5bn in 2020.
In H1 2021, new mortgage lending was at £9.6bn, up from £6.4bn the previous year, and product transfers increased from £1.1bn to £1.4bn.
As well as this, the number of mortgage advisers registered with MAB has risen to an estimated 1,800.
It has also announced the purchase of 49% of shares in specialist new-build broker Evolve FS.
Peter Brodnicki, chief executive at Mortgage Advice Bureau, said: “Our mortgage completions increased by 48% in a favourable market fuelled by strong customer demand as well as the stamp duty holiday.
“Our strategic progress has been excellent during the period, in particular with regards to our lead generation initiatives.
“Despite the government-imposed restrictions and national lockdown that lasted for much of the first half, housing market activity was fuelled by strong consumer demand following the re-opening of the housing market last year as well as the stamp duty holiday.
“The increase in home-mover activity was particularly pronounced, largely driven by changing working and living patterns.
“The 30 June 2021 stamp duty holiday deadline in England, Wales and Northern Ireland generated record completion activity levels in June 2021.”