Mortgage Advice Bureau (MAB) reported higher first-half revenue and mortgage completions despite what it described as a challenging UK housing market marked by subdued consumer confidence and volatile mortgage pricing.

The technology-led property finance group said mortgage completions increased 16% to around £16.5 billion in the six months to 30 June 2026, up from £14.2 billion a year earlier.

Revenue rose 8% to approximately £160 million from £148.2 million in the first half of 2025, supported by property refinancing.

The group noted that the earlier had been driven instead by a surge in purchase lending ahead of 2025 changes to Stamp Duty Land Tax relief.

Market share also edged higher during the period. Mortgage Advice Bureau’s share of new mortgage lending increased to 8.3% in the five months to 31 May, compared with 8.2% a year earlier, while its share of product transfers rose to 3.2% from 2.9%.

Adjusted profit before tax is expected to be around £14.6 million, broadly unchanged from £14.5 million in the first half of 2025.

The company said margins were affected by a shift towards refinancing and product transfers, slower growth in protection policy sales and the delayed benefits of integrating businesses acquired late last year.

Protection policy volumes grew more slowly than mortgage completions, reflecting the greater proportion of remortgages and product transfers, which typically generate fewer protection sales than house purchase lending.

The number of mainstream advisers increased 3% to 2,194 at the end of June from 2,135 at the end of 2025, while average revenue per adviser remained stable at £74,000.

Looking ahead, Mortgage Advice Bureau said it expects full-year results to be in line with market expectations.

The company said mortgage applications were 15% higher year-on-year during the first 19 weeks of 2026, helped by customers refinancing early amid uncertainty over interest rates.

However, applications fell 13% year-on-year in the following seven weeks to the end of June, leaving year-to-date applications 7% higher than the same period last year.

Management said the slowdown reflected some refinancing activity being brought forward, alongside weaker demand amid continued uncertainty in the housing market.

The group said it has 70,000 fixed-rate mortgage maturities due in the second half, which it expects will support refinancing volumes. However, it is not assuming any recovery in housing transactions while geopolitical and domestic policy uncertainty carries on.

The company is scheduled to publish its interim results on 22 September 2026.

MAB chief executive Peter Brodnicki (pictured) said: “MAB delivered a resilient performance in the first half, with mortgage completions increasing by 16% and further growth in our market share across both new mortgage lending and product transfers.

“The mortgage market remains predominantly refinance-led, with growth concentrated in remortgages and product transfers, while a sustained recovery in purchase activity has yet to emerge. This represents a significant change in business mix compared with the first half of 2025.

“Against this backdrop, MAB has continued to demonstrate its strength and resilience and we have strong visibility over the significant fixed-rate mortgage maturity opportunity in the second half.”