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Mortgageforce records best month for 4 years in November

Mortgageforce says it had its best month for over four years in November with over £40m in applications.

It’s over a year since the management team at the Derby-based firm completed the purchase of the brokerage from West Brom Building Society for an undisclosed fee.

Its next accounts are due to be filed on Companies House at the end of this month and its last results were filed some two years ago for the period up to March 2010 showed losses of £239,800 compared to a £7,784 profit in 2008/09.

Back then it saw a 19 per cent fall in total revenue, down from £3m in the previous year to £2.4m in 2009/10 and a 58 per cent fall in gross profit from £1.3m in 2009 to £540,689 in 2009/10.

It also reduced its number of management and administration staff from 27 to 15.

But the firm’s managing director Kevin Duffy, who joined the company over four years ago in June 2008, says it feels like the market has finally turned a corner.

He says: “We wont know for sure until Q2 next year but the omens are extremely promising.

“Most of the lenders in aggregate it looks like there might be an extra £10bn in the market next depending on what happens with the Government’s Funding for Lending Scheme.”

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