"Our adviser numbers have started to pick up since the period end and we expect to deliver further growth this year as new ARs are recruited into MAB and our existing ARs start growing adviser numbers again"
- Peter Brodnicki, CEO of Mortgage Advice Bureau
Mortgage Advice Bureau has reported continued growth in its market share of new lending, rising to 8.2% in H1 2024.
The firm's adjusted profits before tax increased by 39.9% to £12.3m between H1 2023 and H1 2024.
Gross new mortgage completions (excluding product transfers) increased by 1.3% to £9.1bn, with total H1 mortgage completions of £12.1 billion.
Its latest figures also show that adviser growth has returned to positive territory, with the number of mainstream advisers post-period end increasing to 1,945. Revenue per mainstream adviser also increased by 9.2% to £65,300 compared to H1 2023.
MAB’s written new case numbers are 11% up in July and August compared to last year. The Group says it continues to trade in line with expectations with this pick-up in activity expected to continue in the final quarter of this year.
Peter Brodnicki, CEO of Mortgage Advice Bureau (pictured), commented: “The first few months of 2024 started well as mortgage rates edged down ahead of expected base rate cuts and a more stable political outlook. When it became clear those cuts were not imminent, lenders adjusted their mortgage rates back up and the increased activity we saw started to tail off towards the end of Q1.
"Re-financing and purchase activity remained subdued for the rest of H1 ahead of the general election. Having now seen the first of a number of expected base rate cuts, activity levels are starting to gradually build again and we expect momentum to continue.
"Against this backdrop I am very pleased with the progress MAB continues to make in a year that mortgage volumes are likely to be at very similar levels to 2023.
"MAB’s investment in technology and AI remains a strategic priority as we shape the business for strong and sustainable growth, while further increasing our operational resilience. Significant progress continues to be made in terms of lead generation, which is becoming an increasingly major differentiator, and will support our strategy to help scale firms and increase adviser productivity.
"Our adviser numbers have started to pick up since the period end and we expect to deliver further growth this year as new ARs are recruited into MAB and our existing ARs start growing adviser numbers again after a sustained period of market-induced consolidation.
"We expect to see record years in terms of re-financing activity in 2025/2026 and it is very encouraging to have a new government that is so focused on housebuilding and other initiatives that will bring a tail wind to MAB and our market.”
