Record profits for Mortgage Advice Bureau

The Mortgage Advice Bureau (MAB) is reporting that its revenue during the financial year’s first half almost doubled, and it is attributing this to the Covid-19 crisis.

Chief Executive of the MAB, Peter Brodnicki, has revealed that the company’s profits for that period hit £92.4 million, which was a rise of 46%. He has also stated that mortgage advisors working for MAB dealt with record volumes of applications for mortgages and completed record numbers of those applications during the first part of this financial year.

In an interview with Mortgage Solutions, he went on to say that there was a very high level of demand among buyers in the housing market that built up during the period of Covid-19 restrictions and lockdown. He then added that once the market opened for business again, demand drove the increase in MAB applications and profits, which was at its peak in the period up until June.

During the first half of this year, advisors employed by MAB completed mortgage loans worth £11 billion, compared with just £7.5 billion for the same period last year. In terms of new mortgage lending, the total for the first half of 2021 was £9.6 billion, while for 2020 it was £6.4 billion.

Brodnicki concluded by saying that home moving rises were especially dramatic, adding:

“The 30 June 2021 stamp duty holiday deadline in England, Wales and Northern Ireland generated record completion activity levels in June 2021.”

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Mortgage Man

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