Network sees 20% mortgage sales growth

Network sees 20% mortgage sales growth

Stonebridge Group has reported an increase in mortgage and life protection completions last year, with the adviser network attributing its growing productivity to the quality of its advisers.

The value of mortgage completions at the network increased to almost £7bn in 2018 at an increase of 21 per cent on the previous year, with completion numbers growing 20 per cent.

Stonebridge reported its mortgage business had seen a fall in purchase activity, but the volume of submissions was driven by remortgage and product transfer business - a trend observed elsewhere in the market in the past year.  

The network also announced the volume of its completed life insurance applications grew by 2 per cent last year reaching £24.7m in commissions.

Stonebridge attributed its growing productivity to its ongoing recruitment policy which "focuses on the quality of its new members not the quantity".

The network gained 57 advisers over the course of last year, increasing its overall numbers by 10 per cent to a total of 599 active advisers across 280 appointed representative firms.

It stated a "significant number" of its new advisers had joined via recommendations to the network from existing appointed representative firms.

Jo Carrasco, business partnerships director at Stonebridge Group, said the network’s mortgage activity had been "particularly pleasing".

She said: "However, in terms of the outlook for the mortgage market in 2019, we have to consider the market uncertainty currently generated by Brexit, and the impact this is having particularly in terms of a subdued purchase market.

"To a great degree we are moving into unchartered territory which might well mean a slowdown in overall mortgage activity.

"That makes product sectors such as protection and general insurance even more important and we are keen to help our firms make the most of the opportunity that exists here, particularly in areas like family protection, relevant life, key person and shareholder protection."