As part of its financial results for the six months to June 2024 (H1), Mortgage Advice Bureau recorded an adjusted profit before tax (PBT) of £12.3m, an increase of 39.9% compared to this time last year.
The group’s market share of new mortgage lending rose to 8.2%, while its gross mortgage completions – including product transfers – remained unchanged at £12.1bn.
Gross new mortgage completions – excluding product transfers – rose by 1.3% to £9.1bn, compared to £9.0bn in H1 2023.
Mainstream adviser numbers were down 0.7% to 1,908, but the number of mainstream advisors post-period end has grown to 1,945 as of 20th September 2024.
Revenue per mainstream adviser grew by 9.2% to £65,300.
Peter Brodnicki, chief executive of MAB, said: “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.”
He added: “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 artificial intelligence (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.”
Brodnicki concluded: “Our adviser numbers have started to pick up since the period end and we expect to deliver further growth this year as new appointed representatives (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.”
