Mortgage lending volumes rise 11% at Stonebridge

Despite what the network described as ‘extraordinary market conditions’ and a contraction in overall UK gross lending, Stonebridge mortgage application case numbers were up by 5% on the previous year.

Protection volumes for the network generated £16.5 million of life commissions, up by 10% on 2018, and general insurance volumes rose 13%.

Stonebridge revealed that purchasers made up 49% of its overall mortgage submissions, down from 50% in 2018 and 55% in 2017. The other 51% comprised of remortgage or product transfer business.

Stonebridge also said that its buy-to-let business remained steady during 2019, holding firm at 17% of its overall business submissions.

Additionally, Stonebridge reported a 7.5% growth in adviser numbers over the course of 2019. The network also said that, even with a number of lenders leaving the market during the course of the year such as Tesco and Sainsbury’s Banks, it had added a number of new lenders to its panel including Gatehouse, Zephyr and five regional building societies.

Finally, Stonebridge has announced a number of plans and initiatives for 2020, including upgrades and new functionality in its Revolution system such as dashboard reporting, new equity release capability, and the introduction of automated fee agreements and automated file checking and compliance remedies.

Jo Carrasco, business partnerships director at Stonebridge, commented: “Over the course of 2019 we outperformed the previous 12-month period, saw adviser and firm numbers increase, added new lenders and providers to panel, plus developed our unique Revolution system in a number of areas.

“There is no hint of us resting on our laurels as we have ambitious plans for the future and want to keep developing the Stonebridge proposition, helping our existing members grow their teams, and bring on board new AR firms that will grow and thrive within the network."