Impressive quarterly figures from Crystal Mortgages

WALSALL-based Crystal Mortgages issued terms on more than £80m worth of business between April and June, a 29% increase on the £62m issued in the corresponding 2011 period.

The quarter saw an 8% rise in applications, although the average loan size dropped 14% to £227,215 from £263,592.

The largest completion during the period was a £900k refinance package for an applicant to raise working capital for a separate business.

For the first six months of the year the company has issued terms on £167m worth of business, compared to £141m last year.

Roger Dewsbery, senior underwriter at Crystal Mortgages, said: “More than ever people are finding it harder to place business with their own banks and they are turning to quality, independent whole-of-market establishments to provide funding – a situation which suits us well.

“One key example is our move into the specialist buy-to-let market, which we entered at a time when most lenders were restricting their products.

“Since June 2011 we have issued terms on over £25m worth of applications and the monthly application stream shows no signs of abating.”