The firm’s combined turnover of the self-employed and employed broker divisions rose by 52% to £41m, up from £27m in 2019
Leading broker firm Just Mortgages has recorded sharp growth in 2020, with lending figures rising by 59% to £3.5bn and profits up by 20%.
Despite a pandemic-induced break, the combined turnover of the self-employed and employed broker divisions rose by 52% to £41m, up from £27m in 2019.
Just Mortgages also recruited over 130 new brokers. This took the broker firm from 320 to 455 brokers, with support staff also rising from 45 to 55. The self-employed team grew rapidly in 2020, expanding by 30% to 300 brokers from 230 at the start of 2020. This expansion has continued in the first quarter of 2021, with Just Mortgages recruiting a further 60 self-employed brokers.
These record-breaking figures are due to a combination of the huge interest in moving from buyers, and Just Mortgages’ proactive approach and customer service.
After the housing market reopened and the stamp duty holiday was brought in, an avalanche of buyers flooded the housing market, and this momentum continued for the rest of the year which resulted in Just Mortgages’ spectacular growth figures.
John Phillips, national operations director Just Mortgages and Spicerhaart commented on the record figures, said: Once the dam burst open in May, a flood of clients came rushing through in the second half of 2020. While it is certainly not a year that anyone wants to repeat, what shone through is the resilience of both the housing market and our brokers.
While the stamp duty holiday certainly kickstarted action for some, the desire to move home isn’t solely down to the tax savings. The pandemic forced a lot of people to spend more time at home through lockdown. This extended period drove many people to look for properties with more outside space or an extra bedroom to use as a home office, Phillips said.
He said: Looking ahead, the early signs from 2021 suggest it will be another strong year in the mortgage market, with the first quarter continuing to be extremely busy for our brokers. With the return of 95% LTV products, and demand from buyers incredibly high, we expect this to continue throughout the year.