London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Started: NotHopeful, 6 Sep 2023 10:38
Last post: busicat, 22 May 2024 12:50
Returning to the protection sales opportunity when new mortgage sales are low which we speculated on in October, I note that today Andy Walton of MAB1 is reported as saying
"“As a business, we became more focused on protection conversations at the mortgage product end date." and
“Subsequently, we saw a 21% increase in protection sales in 2023.”
https://healthcareandprotection.com/why-truss-mini-budget-focussed-renters-minds-on-the-need-for-income-protection-analysis/
Hi Busicat, if i may perhaps I could provide some input on your question........... Westang is correct in that more protection is sold to clients purchasing a property as the client is in front of the advisor at the time of arranging the mortgage and wants to protect their future. Figures for Life sales measured against Purchase/Remortgage/Product Transfers are only available with the organization such as MAB or Life Company. In times troubles such as now within the property market advisor have more time on their hands so will look at ways of generating sales, hence why they will now be concentrating on existing clients that are coming to the end of their fixed rate lock ins, thus the opportunity arises to look at their existing protection or lack of protection. When interest rates reduce and the purchase market increases, advisors will be concentrating on new mortgages which are more profitable. Bisicat, you are correct in one thought, selling to clients at this present time is very tough especially as mortgage payments would have increased. Hope this helps.
Westang, have you numbers to show that "Life protection sales [...] are much stronger on [house] purchases, "?
I ask because in mortgage lull periods, networks like MAB typically turn additional energy towards protection sales, including for existing unprotected mortgage customers. (Admittedly not an easy pitch currently though, with so many under financial strain.)
Totally agree Westang regarding current share price, how it's managed to rebound to current levels i'll never know. I can't see how full year results will impress, need interest rates to drop. However, it's happened in the past and it will happen again, the property market will recover as will interest rates will fall. In the meantime, if the shares fall below £4.50 they must be considered in my opinion a buy over the long term.
Cant understand the recovery in price. Mab share price will recover well in future, but currently, outlook not good. New biz fell off a cliff in september. Likely to contine for at least rest of this year, resulting in 2024 h2 results suffering, due to the time lag for mortgage process to complete and pay. Relying on product transfers is not ideal, as most lenders only pay 50% of normal commission paid. Also, harder for advisers justify charging the client a fee for a pt, when the client can contact the lender themselves to do it. Life protection sales drive mab"s revenue, and are much stronger on purchases, which arent happening currently. A return to a stronger house buying market is essential to them.
Started: busicat, 25 Jan 2024 09:19
Last post: busicat, 25 Jan 2024 09:19
Increased revenue vs mortgage market falls is a a massive achievement.
"UK Finance's latest estimate of gross new mortgage lending for 2023 is £226bn[1], representing a 28% reduction on 2022. Despite this difficult market, the Group increased its revenue for the year by 4% to circa £239m."
Started: busicat, 21 Nov 2023 13:20
Last post: busicat, 21 Nov 2023 13:20
An increase to >3% holding by SEB Investment Management of Stockholm is interesting. That's a major fund manager in Sweden - one of the largest asset managers in the Nordic region.
Started: MY21, 24 May 2015 14:34
Last post: Scoobydoo321, 27 Feb 2023 13:55
If the prediction in this article pans out - MAB1 will be extremely busy again.
These must have been discounted buys - SP has moved up and not down after these transactions
31-Jan-23 08:16:58 570.00 35,000 Sell* 560.00 590.00 199.50k O
31-Jan-23 08:16:49 570.00 34,210 Sell* 556.00 590.00 195.00k O
moved up more ,been watching gdr as well as more buyers take up more shares there as getting close to MidMonth ,
good start to this week for mab1
Good to see how this moving up Today