Gemma Harle, Managing Director of Mortgage Next, said: “It’s pleasing to see that the value of new mortgages we placed during October was exactly the same as it was 12 months ago. The CML has reported a 44% decline in gross new lending over the same period, which means that Mortgage Next has made a major gain in market share.
“We have, however, in common with all distributors, experienced a significant shift in the mix of our business, with declines in the volumes of higher margin niche and sub-prime mortgages being placed. This means that our focus continues to be on controlling costs whilst at the same time ensuring we provide brokers with a high quality, reliable service.
“Our AR number have also increased during the past quarter and the Mortgage Next Network now includes 150 member firms and 310 individual advisers. We have an active recruitment programme in place and are keen to talk to any potential new members who may be concerned about the quality of service they are currently receiving or the financial stability of their existing network.
“Clearly, 2009 is going to be a difficult year for everyone in the UK mortgage market, but I believe Mortgage Next is well positioned to take advantage of those market opportunities which do present themselves. We are financially robust, have strong backing, a growing base of brokers and excellent relationships with lenders and other product providers. Our objective is to continue growing our market share by offering a high quality, cost effective and dependable service to intermediaries.”
