Stonebridge has announced the firm broke its record for lending applications submitted during October this year.

The mortgage and insurance network said it submitted £868m worth of lending applications – a record monthly total for the business – and up from £820m in September, as well as up 5% on October last year.

Stonebridge also revealed its ongoing growth in both the number of appointed representative (AR) firms joining the business, and the number of existing firms who have increased their adviser numbers.

During October, 14 advisers joined the network, which took the total number up to 639 across 316 firms, while 10 existing network firms also increased their adviser numbers.

Stonebridge chief executive, Rob Clifford, commented: “There is much speculation currently about the performance of the UK mortgage market, but our most recent lending figures for applications submitted show a significant month-on-month improvement, to a point where October was a record month for the business.

“That’s very reassuring and is down to the quality of our AR firms and their advisers, and the clear benefits they provide to their clients in terms of the mortgage advice on offer.

“We anticipate that the gross mortgage lending figures for the year for all UK Finance lenders will be marginally ahead of 2018, and it’s clear from our own data that our AR firms are taking a larger share of this.

“Looking ahead, we anticipate that the demand and need for mortgage advice will only grow, and it may also be that those who’ve felt they needed to sit on their hands during 2019 – especially given the political uncertainty – will find they come to a point of action during 2020.”

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