Figures continue to rise this year
Mortgage and insurance network Stonebridge has announced strong growth in mortgage applications and completions through 2021 and into 2022.
At its national conference held last week, Stonebridge revealed that mortgage application numbers went up 19% in 2021 compared to the previous year, while the volume of lending via applications increased by 24%.
Jo Carrasco, business partnerships director at Stonebridge, said that 55% of applications were for purchases, also up from 48%, with 15% of all applications being for buy-to-let and 20% for product transfer.
In 2022, year-to-date application lending volume is up by 26% with February being a record month for the network, with £1.35 billion of mortgage applications being submitted.
In terms of mortgage completions, 2021 saw the volume of lending go up by 33% on 2020, while the completed case numbers increased by 27%. In 2022 so far, year-to-date lending volume completions are up by 28%, with £1 billion of lending completed in February this year alone.
The network said its continued growth has allowed it to increase staffing levels, particularly for its business development team, which supports its member firms, and in terms of both business standards and the developer team within Revolution, its wholly owned trading platform.
“Despite all the upheaval of the pandemic, 2021 was a very strong year for the overall mortgage market, fuelled by a growing demand to purchase and invest in home renovations,” Rob Clifford, chief executive at Stonebridge, said. “Our figures for last year, and already in 2022, show this strong consumer demand is being maintained and while purchase activity may not reach the heights of last year, we are seeing growth in remortgage business, especially in light of recent increases to Bank Base Rate and consumer interest in grabbing an attractive rate.
“There are clearly a large number of ongoing factors that will shape 2022’s housing market, many beyond our control, however, consumers continue to choose professional, impartial advice from trusted professionals, and therefore we believe – with our support – advisers will continue to be in demand and, by making the most of those opportunities, should therefore have plenty of business to occupy them throughout the year and beyond.”
