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The Mortgage Advice Bureau said full-year adjusted pre-tax profit rose 13% to £27.2m following the acquisitions, but adds that it was a record year before the mini-budget.
The broker says the number of completed mortgages increased by 20% to £27.3bn, helping boost annual revenue by 22% to £230.8m.
The number of advisors rose by 20% to 2,254, with each broker earning £116,000, up 1% from a year ago.
During the year, the firm says it has “successfully integrated” the Fluent Money group after buying 75% of the firm for £73m in cash last March.
The business says its full-year profits increased “primarily due to post-acquisition expected post-acquisition Fluent growth.”
He also bought 75% of Auxilium, an authorized market protection firm.
And he increased his share in the insurance and insurance company “Vita” from 49% to 75%.
However, according to the brokerage, the September 23, 2022 mini-budget “caused an immediate surge in borrowing costs, the abandonment of many mortgage products, and a tightening of underwriting criteria.
“This resulted in a significant slowdown in the housing market, with mortgage approvals falling 40% in the three months to January 31, 2023.
He adds that the mini-budget impacted home purchases and remortgages as “consumers were unable or unwilling to make new purchases due to soaring borrowing costs.”
The firm saw signs of a partial recovery in the mortgage market in February.
He adds: “We expect the market to continue to recover once affordability and consumer confidence return.
“The refinancing market should pick up significantly as 1.8 million borrowers complete their existing deal in 2023.”
Mortgage Advice Bureau chief executive Peter Brodnicki says: “Before the mini-budget in September, the group expected 2023 to be a year of record growth despite an expected decline in housing deals due to inflationary pressures.
“While mortgage transaction levels have improved since the mini-budget crash, they remain about 35% lower YTD compared to the same period in 2022.”
The firm adds: “The Mortgage Advice Bureau is in very good shape to deliver a much stronger financial performance in 2024.”
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