Mortgages  

Primis adds to adviser numbers as mortgage applications rise

Primis adds to adviser numbers as mortgage applications rise
 Credit: Andrea Piacquadio from Pexels

The number of advisers within Primis increased by more than 100 in four months as the network saw a rise in mortgage and protection applications.

A trading update issued today (December 11) by parent company LSL reported a total of 2,528 financial advisers in its financial services division at October 31, marking an 8 per cent increase year-on-year.

The group also reported a “strong” pipeline of an additional 250 advisers currently going through the application process.

Last year LSL merged all its mortgage and protection networks, which included First Complete, Pink Home Loans and Personal Touch, under the Primis brand.

On the customer side, meanwhile, the group said it had registered around 100,000 potential new mortgage and insurance customers across Primis in the four months to October.

Mortgage and protection applications also increased year-on-year in the four months ended October, with Primis mortgage applications up 14 per cent, and protection applications up 15 per cent.

Additionally, the value of LSL’s mortgage completions in the ten months to October 31, at £25.8bn, represented around 9 per cent of market share.

It added that the residential sales exchange pipeline at October 31 was the highest for the group in more than a decade, at more than 50 per cent above the same date last year.

David Stewart, LSL chief executive, said: “I am pleased to report that the group has taken advantage of the strong rebound in activity levels following the end of the first lockdown, and as a result we now expect to be able to report 2020 group underlying operating profit marginally ahead of 2019.”

chloe.cheung@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.