Business volumes for the second quarter 2006 achieved £22.8bn applications and £16.7bn completions. PMS hoped these half year results puts it in position to achieve its full-year target of £44bn applications and £33bn completions.
PMS has been encouraged in the first six months of the year by the support it has received from the lenders on its panel and ongoing support of its database of directly authorised intermediaries.
Looking to the future and the remainder of 2006, PMS could see some concerns to the continuing upward appreciation of UK properties, coupled to the affordability factor that many homeowners are experiencing. It predicted this, at some stage, would impact on business volumes during the latter part of this year and early 2007.
PMS will continue carrying its proposition to the roadshows and seminars they are involved in. It will also shortly be moving to bigger premises in Birmingham in order to further develop their proposition in the marketplace.
Ricky Okey, director of mortgages & protection at Abbey, commented: "It's not surprising to see that Premier Mortgage Service has produced such impressive half-year results. John Malone together with Lisa and Rob in Birmingham work tremendously hard to promote the interests of mortgage intermediaries, and excellence for consumers. Abbey are delighted to continue supporting Premier Mortgage Service activities and particularly welcome the opportunity to contribute to a wide range of intermediary market issues via PMS roadshows and events. We wish them every success for the remainder of the year."
Peter Izard, senior manager corporate accounts at GMAC-RFC, said: "These results are a true testament to the excellent staff and management at Premier Mortgage Service. GMAC-RFC are delighted to be part of their success and look forward to working closely with them to achieve their year end targets."
Commenting on Premier Mortgage Services results, Francis Mogg, operational director for key accounts, said he was delighted to hear PMS had enjoyed such a successful first half and that Northern Rock was looking forward to continuing its valued relationship with PMS and its club members in the future.
