A UK-based mortgage group has seen a significant increase in revenue over 2016 and grown its number of brokers to 950.
Mortgage Advice Bureau (MAB), one of the UK's leading networks for mortgage intermediaries, issued a pre-close trading update for the year ended 31 December 2016 on Friday, ahead of publishing its final results announcement on 28 March.
Revenue for the year ended 31 December 2016 increased by 23 per cent to £92 million ($153 million).
MAB said its revenue growth was driven by a 20 per cent increase in the total number of advisers (brokers) to 950 at 31 December 2016.
"Despite the uncertainty the EU referendum brought to the housing and mortgage markets last summer, MAB has delivered yet another strong performance,” MAB chief executive Peter Brodnicki said.
“Activity levels picked up following the expected summer lull, and from this position the housing and mortgage markets are forecast to be flat over the next few years.
"Our increase in adviser numbers was ahead of our expectations last year and we remain confident about continued growth in 2017 and 2018, both organically and from new appointed representatives.”
Late last year, MAB revealed that it will enter the Australian mortgager market through a join venture with Mortgageport.
Mortgageport director Darren Cantor, who will head up the joint venture as managing director, said the opportunity to work with one of the UK’s largest and most successful brokers is a great win for Australian consumers.
“MAB brings proven technology and processes to ensure customers have the flexibility to interact in a variety of ways, whether that be face-to-face, phone or digital. Whereas most of the current market participants specialise in one channel, MAB has been successful in delivering customer-focused solutions on all fronts,” he said.
“The new entity will leverage Mortgageport’s unique market positioning as a broker, mortgage manager and a lender to provide Australian customers with access to the widest range of products and lenders, disrupting the current market and providing something truly different.”
[Related: Analysis: What brokers can learn from the UK]
James Mitchell has over eight years’ experience as a financial reporter and is the editor of Wealth and Wellness at Momentum Media.
He has a sound pedigree to cover the business of mortgages and the converging financial services sector having reported for leading finance titles InvestorDaily, InvestorWeekly, Accountants Daily, ifa, Mortgage Business, Residential Property Manager, Real Estate Business, SMSF Adviser, Smart Property Investment, and The Adviser.
He has also been published in The Daily Telegraph and contributed online to FST Media and Mergermarket, part of the Financial Times Group.
James holds a BA (Hons) in English Literature and an MA in Journalism.
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