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Mortgage Advice Bureau reports £1.9m pre-tax profit

The Mortgage Advice Bureau has reported a pre-tax profit of £1.9m for 2011, up from £1.25m in 2010.

Its 2011 profit beats its previous record profit of £1.4m in 2007.

The brokerage has attributed its growth to a 30% increase in mortgage applications and increased sales of protection and general insurance.

Peter Brodnicki, chief executive office of MAB, says: “We are delighted with our 2011 results, especially considering that we have invested more heavily than ever in our appointed representative proposition which has been attracting some very high quality firms.

“The sharp increase in sales and profitability of the last few years is set to continue with 2012 expected to be another very strong year.”


Brokers burn midnight oil in vain effort to secure Woolwich products

Brokers have been staying up until midnight in an attempt to place deals with Barclays after it reduced its funding tranches for intermediary products. The lender, through its Woolwich brand, last week reduced tranches in a temporary measure aimed at controlling demand.Barclays allows brokers to reserve products by securing funding online when it is released […]


Brokers unaware of new PPI rules

A worrying number of mortgage brokers are not aware of the implications of new rules on the way payment protection insurance is sold coming into force next month, according to LV=.

Caption competition

Aldermore’s Charles Haresnape, Rob Barnard and Steven Amos celebrate winning for best specialist lender at the recent MS Awards

Injecting QE into house building will work

Those of us in the house building world have been in the doldrums long enough now to grasp the straws of hope when we see them. And this year, thanks to the perfect storm of house building figures being at least 50,000 below target, the general economic malaise and rising unemployment particularly among young people, my long-suffering peers and I have a growing sense that next week’s Budget might just be the one to deliver for the industry.

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