This is an increase of 35% compared to 2004.
MAB is on target to arrange £3 billion in lending in 2006 thanks to significant expansion towards the end of 2005 and and plans to increase its network by over 40 additional branches over the next 12 months. This means MAB should be arranging in excess of 1% of all UK mortgages in 2006.
To enhance its distribution strategy, last year MAB launched its Mortgage Shops which have proved extremely successful. The Mortgage Shop is an extension of MAB’s high street strategy of delivering quality local independent mortgage advice nationally in conjunction with leading independent estate agents and through high quality mortgage shops.
MAB invested in its proposition at a time when other companies were cutting back and believe that this strategy has helped maintain its position as the premier mortgage broker franchise in the UK. The company has invested in its support services and has been able to expand while maintaining its high levels of customer care.
Peter Brodnicki, chief executive of Mortgage Advice Bureau, commented:“With new regulation to bed in and a relatively weak start to the year in the housing market, 2005 was expected to be a consolidation year at MAB with some marginal growth. Despite the challenges the whole industry faced MAB ended the year strongly and ahead of target and we are extremely upbeat about the year ahead. With continued investment and development, our proposition for leading independent estate agents has never been stronger and is a clear differentiator in the market place.
“The approach we take and results we achieve will enable MAB to attract more and more quality businesses in 2006 with 35% growth a realistic target. New initiatives include the launch of a Hip provider and the expansion of our mortgage shop network following a successful pilot in 2005.”
