Annual results announcement
End of year financial results
3rd - 9th February 2020
Continued growth for Connells Group Mortgage Services
Another strong year of activity
Connells Group continued to see significant growth in its Mortgage Services business in 2018 despite a more challenging housing market and following a strong year of remortgage activity.
The business reports income up 10%, a 9% increase in the number of mortgages arranged for customers and the total value of mortgages arranged up 11%, generating £10.6bn worth of lending in 2018. With a headcount of 690 mortgage consultants, including 65 dedicated phone-based advisors, the business is well placed to build on another good year.
The highlight in 2018 was the increase in remortgage activity, up 36% on the previous year. Fuelled by continued low interest rates, the availability of product transfers, a competitive mortgage market and political uncertainty, remortgage customers in particular took advantage to lock into fixed-rate deals.
New build business was another success in 2018, with the Group writing 13,000 new build mortgages in the year and growing its specialist advisor numbers by 35. Connells Group has already started the year well in this key growth area.
“Yet again, Connells Group is producing outstanding results in what continues to be a challenging market. We have grown our mortgage business in 2018 despite it being a tough year and our results show the strength in our business,” says Adrian Scott, Connells Group Mortgage Services Director. “Remortgaging now takes a lead role in the mortgage market, responsible for more activity than first-time buyers, buy-to-let or those who own a property and are looking to move. We anticipate this trend continuing, at least until the Brexit fog begins to clear.”
Mortgage Services is a fundamental part of Connells Group’s operation and further investment in people, technology and processes were made throughout 2018 to maintain its market leading service to customers. This included the addition of further phone-based advisors to augment the face-to-face service provided throughout its branch network and to meet the growing customer demand:
“Customers are at the heart of what we do and we are proud to report that nearly 50% of our business is returning customers,” continues Adrian. “Ensuring as many clients as possible have access to our mortgage advice is a key priority for Connells Group and we continue to invest in this important part of our business, widening access to our mortgage advice across our robust distribution model.”