Total lending and adviser numbers increased significantly last year
Mortgage and insurance network Stonebridge reported continued strong mortgage application and completion growth throughout 2022, as well as record levels of adviser growth, at its recent national conference.
Jo Carrasco, business partnership director at Stonebridge, revealed during the conference the network’s sales results, which, during 2022, saw mortgage application numbers up by 9% on 2021, and the volume of lending up by 10%. Almost half, or 48%, of applications were for purchases, down from 57% in 2021, with 15% of applications being buy-to-let – the same as the year previously.
In terms of mortgage completions, 2022 saw Stonebridge’s volume of lending up 19% on 2021. Across the year, lending volume increased in 10 out of 12 months, with total lending hitting a record £12.6 billion.
Stonebridge also reported continued growth in its adviser numbers, and now has well over 1,000 advisers across the network. It added that its continued growth had allowed it to increase staffing levels, particularly in its operational teams and its business development team.
The network has also bolstered its business standards team, and said it would work with firms to ensure they continue to meet their responsibilities under the new Consumer Duty rules.
The Stonebridge 2023 conference, held at the Hilton Birmingham Metropole on February 27 and designed to support its appointed representative (AR) firms, was the largest in the network’s history, with over 500 attendees. Following the conference, Stonebridge held its annual dinner and award ceremony recognising a range of AR firms for excellence in 2022.
“2022 was undoubtedly a roller-coaster of a year, and the housing and mortgage markets were particularly impacted by the mini budget and its subsequent fallout towards the end of an otherwise record-breaking year for us,” Rob Clifford (pictured speaking at the conference), chief executive at Stonebridge, commented.
“That said, we were able to deliver continued growth across our three core areas of business – mortgages, protection, and GI – in 2022, and this is down to the excellent work of our AR firms and their advisers, who came into their own particularly post-mini budget when there was a considerable amount of uncertainty and some degree of panic among borrowers.”
Looking ahead, Clifford said 2023 would also likely be a slightly more challenging year with some headwinds to overcome. He, however, added that there would also be a range of opportunities to take advantage of, particularly in both the remortgage and product transfer space, and specifically in terms of ensuring clients have the protection cover they need in what remains a difficult economy.
“We maintain extremely strong growth ambitions for Stonebridge, and while some firms might well shrink their adviser numbers, we continue to follow a strategy that is focused on both recruitment and helping our existing firms add to their headcount with our high-quality support structures,” he stated in an article posted on the network’s website.
“Despite all its challenges, 2022 was still a major growth year for Stonebridge, and with our deep-seated commitment to this sector and to all our AR firms, we intend to continue this strategy throughout 2023.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter.
