Mortgage Advice Bureau expects swift return to growth

Mortgage Advice Bureau expects swift return to growth

The Mortgage Advice Bureau expects its growth to start resuming as 215 advisers come out of furlough and property purchases start to resume.

In an annual general meeting statement published yesterday (May 26), non-executive chair Katherine Innes Ker said adviser numbers had “remained stable” since April 23, a month after the government announced the coronavirus lockdown.

As of May 22, the network’s adviser numbers stood at 1,476, including 215 furloughed advisers (15 per cent).

The government has recently lifted restrictions on moving home and viewing properties and last week, the Association of Mortgage Intermediaries told FTAdviser the mortgage industry would see about 30 per cent of the workforce come out of furlough.

Ms Innes Ker said Mab had already seen increased activity since the re-opening of the house purchase market, which it expected to gather pace.

This comes after it had seen two months of “significant reduction” in purchase-related activity under lockdown, which followed a “strong first quarter”.

She said: "The attitude, hard work and dedication of the MAB team during this unprecedented time has been exceptional, and as a result MAB's support for its ARs and their customers is standing out more than ever in this market.  

"Over 40 new campaigns and initiatives have been rolled out or piloted in the last 10 weeks alone, and we have been delighted with how our AR firms and their advisers have responded.

"They have embraced new ways of engaging remotely with customers, making more of every opportunity as well as ensuring their customers are properly looked after during these challenging times.

"Whilst the outlook will no doubt remain uncertain for some time, we have already seen increased activity since the re-opening of the English house purchase market, which we expect will gather pace over the coming weeks and months."

She added: "Additionally, we believe that the new ways of working and initiatives we have implemented to support our ARs in maximising lead generation in the re-mortgage, product transfer and protection markets will strengthen their future performance as well as assist with new AR recruitment. We therefore remain very positive about the future."

Ms Innes Ker added the network’s advisers had switched their focus to the remortgage, product transfer and protection markets during the lockdown period.

Elsewhere advisers have said prospective buyers have been looking to capitalise on the post-lockdown market and snap up properties.