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Simply Biz mortgage business up 20% for Q1

Simply Biz’s mortgage lending is up 20 per cent in the first quarter of the year compared to the same period last year, despite a 50 per cent fall in the total mortgage market.

Its mortgage club, Simply Biz Mortgages, saw a 20 per cent increase in terms of loans and 19 per cent in terms of numbers during the first quarter of the year.

The mortgage club processed 6,590 applications in the first quarter of 2008, compared to 5,538 in the first quarter of 2007 and 5,290 in the last quarter of 2007.

The total for the first quarter of this year £936m compares to £780m for the same period last year and £740m compared to the last quarter of 2007 – an even bigger improvement.

Joint managing director Philip Holroyd says the figures are encouraging in the turbulent times the rest of the mortgage sector is experiencing.

He says: “Everyone knows how difficult the mortgage market is currently but it is very pleasing to see our member firms bucking the trend. The reasons are twofold – firstly, our member firms clearly see the advantage of supporting their mortgage club and secondly, as holistic advisers, they are still able to satisfy their clients’ needs and adapt to difficult times.”

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