Mortgage Intelligence returns to profit

Mortgage Intelligence has returned to profit since being acquired by Countrywide in April.

sally_laker.gif

In the last three months, Mortgage Intelligence has seen its business levels increase by 22% compared to the preceeding three months.

Mortgage Intelligence merged with Mortgage Next in 2009 and its latest filed results for the year ended July 31 2009 reported a pre-tax loss of £695,917, compared with a profit of £1.45m in 2008.

However, the firm’s results for the following year are not available as it is now part of Countrywide, which does not make its full results public.

Sally Laker, managing director at Mortgage Intelligence, says: “We are delighted to be already seeing the benefits of being part of Countrywide.

“A combination of our prudence, cost efficiency and our ability to gain access and secure some of the most competitive products in the market for our members has played a key role in our increased activity and profitability over the last three months.”

Nigel Stockton, financial services director at Countrywide, says he is pleased to see Mortgage Intelligence starting to deliver results so quickly.

He adds: “We are continuing to harvest opportunities and synergies for Mortgage Intelligence as it continues to position itself to capitalise on the mortgage market when transaction levels begin to increase.”

Mortgage Intelligence has also confirmed that Slater Hogg Mortgages Limited and Hurst Independent will be joining it as appointed representatives.