Right Mortgage doubles profits

Right Mortgage doubles profits

The Right Mortgage Ltd has almost doubled profits and turnover in its second full year of trading.

The company, which comprises The Right Mortgage & Protection Network and The Right DA Club, posted a pre-tax profit of £405,000 for the 2016 to 2017 tax year – up from £203,000 the previous year.

Turnover increased to £14.8m – up from £8.7m the previous year.

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The boost in income comes on the back of a rise in membership of both the network and the DA Club.

Martin Wilson, chief executive of The Right Mortgage Ltd, said: “We are absolutely delighted with this year’s figures. In two and a half years we are 60 per cent towards our ultimate objective of having 500 members.

"Quality of service, a shared professional appetite to risk, and helping create income opportunities to our members is key to our growth.

“Creating a well-run, profitable business will ultimately give us the foundations to build a long term financial services network that our members and ourselves can share in and be proud of. 

“This year our FCA fees increased by over 600 per cent and our professional indemnity costs more than doubled; we will not be passing this on to our members.”