Mortgages  

Paradigm boosts mortgage arm in 'challenging' market

Paradigm boosts mortgage arm in 'challenging' market

Paradigm Mortgage Services has boosted its member numbers throughout the summer despite the "very challenging" wider housing market. 

In the six months to September the mortgage business of Tatton Asset Management gained 47 member firms, increasing its numbers by 3 per cent to 1,591. 

Paul Hogarth, chief executive at Tatton, said this was despite a "very challenging" environment amid the restrictions of the pandemic. 

The mortgage market was hit hard by the crisis, with lockdown and social distancing measures stalling viewings and loan applications, effectively closing the housing market between March and May.

In April the company began offering free compliance support to new directly authorised firms for up to six months, in a bid to support them whilst adjusting to the national lockdown. 

In its update today (October 20) Tatton said its IFA support business, Paradigm Consulting, had also been "largely unaffected" by the ongoing pandemic, and had increased its member numbers by 2.5 per cent in the six months to September. 

Mr Hogarth said: "The last six months have been testing times for many businesses and our business model has proved to be resilient and capable of dealing with the challenges presented by the pandemic.

"We adapted seamlessly to the new trading environment and have maintained face-to-face engagement with our IFAs, where possible.

"We have also redeployed resources to direct online engagement, running multiple interactive virtual events and frequent video investment updates, which have been well received and have proved to be very successful."

Tatton is expected to publish its half year results in November, with Mr Hogarth stating the group remained "optimistic and confident" in the current market. 

In its full results published earlier this year the company revealed it had received a refund of £1.7m after HMRC agreed with the asset management firm DFMs supplying model portfolio services were exempt from VAT.

rachel.mortimer@ft.com

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