Sesame sees highest mortgage completions since crisis

Sesame sees highest mortgage completions since crisis

PMS Mortgage Club and network Sesame have reported mortgage completions nearly £3bn higher for 2017 - their highest combined level since 2008.

The pair arranged mortgages worth £37.5bn last year.

Mark Graves, managing director for Sesame and PMS, said continuing high levels of remortgaging were part of the reasons for the rise, and had led to “a surge of business activity for our members”.

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He added that product transfers were entering the intermediary market more strongly as well.

“As more 2017 industry data emerges, I anticipate that intermediary versus direct market share of product transfer business will have shifted more towards advisers, and I expect to see further growth for advisers in 2018,” he said.

Sesame Bankhall chairman John Cowan said that the current market is “sluggish”.

“In a sluggish mortgage market PMS and Sesame members have recorded outstanding results,” he said.

“Over the last 12 months we have seen the arrival of new innovators and challenger advice models, and they are stimulating the market to think differently.

"Over time all advisory businesses will deploy greater levels of technology, and this will be the enabler to free advisers to do what they do best – empathise, listen and offer advice.”

General insurance policies grew by 13 per cent in the same time, while protection annual premium income through PMS and Sesame rose by 15 per cent last year to £63.7m.