Stonebridge has revealed it processed over £1bn worth of mortgage applications during July.

The mortgage and insurance network announced this was a record month for lending applications, with member firms and their advisers placing more than 5,500 cases during July.
 
As well as the increase in new business activity, Stonebridge said its purchase and remortgage mix had now returned to a “more typical split” but with a predictable dominance of purchase cases, which accounted for 58% of applications received in July.
 
The network also announced continued growth in adviser recruitment during the month, with 22 new advisers joining to increase the network’s total adviser headcount to 709.

“During what has been an incredibly challenging time for all, we are very pleased to be able to announce that July saw our AR firms and advisers place a record amount of lending applications, exceeding the £1bn mark after a very strong June,” said Stonebridge chief executive, Rob Clifford.
 
“August is also looking positive, and the post-lockdown enthusiasm plus stamp duty changes are clearly creating increased demand for advice which our AR firms are well placed to take advantage of, with the strong level of support we provide as their network.
 
“Throughout the year, despite the pandemic, we’ve seen a growing demand for the Stonebridge proposition from other advisory firms which has boosted our recruitment, but it’s also clear that our existing members also want to grow their businesses in order to meet the greater demand, and our recruitment team are highly experienced at helping to make this happen.”

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