Just Mortgages, a leading broker firm, has seen a sharp increase in its business in 2020. Lending figures increased by 59% to PS3.5bn and profits increased by 20%.
Despite an enforced stoppage due to the pandemic the combined turnover of self-employed and employed brokers divisions rose by 52% to PS41m from PS27m in 2019.
Just Mortgages has also hired over 130 new agents. The broker firm grew from 320 to 455 agents, and the support staff grew from 45 to 55. In 2020, the self-employed team grew quickly. From 230 brokers at the beginning of 2020, it grew by 30% to 300. This growth has continued into the first quarter 2021 with Just Mortgages securing 60 more self-employed brokers.
This record-breaking figure is due to the combination of buyers’ huge interest in moving and Just Mortgages proactive approach and unrivalled service.
After the housing market was reopened, the stamp duty holiday was introduced, an avalanche buyers flood the market. This momentum continued throughout the year, which led to Just Mortgages’ remarkable growth figures.
John Phillips, national operations director Just Mortgages and Spicerhaart, commented on the record numbers, saying: “Once we had the dam burst in May, there was a flood of people who came through the second half 2020. It is not an easy year to repeat but what shines through is the resilience of our brokers and the housing market.
While the stamp duty holiday was a great way to get people moving, it’s not the only reason they want to. Many people were forced to stay home longer due to the pandemic. Many people looked for homes with more space outside or extra bedrooms to use as home offices during this extended period.
“Our extraordinary team of brokers did an amazing job adapting to changing circumstances last year. Our results are a testament to their resilience as well as their expertise.
“Looking ahead, early signs for 2021 indicate it will be another strong years in the mortgage market with the first quarter still being extremely busy for our broker. We expect the same with the 95% LTV product return and the high demand from buyers. This trend will continue all year.