Structural growth
The UK mortgage market remains attractive, exceeding £560bn annually and is characterised by embedded repeat activity:
- Approximately two-thirds of lending is refinancing-driven, supported by frequent product maturity cycles.
- Approximately one-third is purchase-led.
- Around 2 million new pure protection policies are written each year.
Intermediation remains structurally high, with around 90% of mortgages and around 80% of protection sold through advised channels. Regulatory complexity, product choice and the high-value, consequential nature of mortgage decisions reinforce the need for advice.
Pure protection is a large and structurally attractive market, with the regulator recently highlighting its desire to close a £3 trillion protection gap in the UK. Protection is a clear strategic priority for MAB, with the opportunity extending outside the mortgage event.
Regulatory reform is moving in a more enabling direction, including initiatives aimed at improving access to lending and narrowing the protection gap.
Increasing digital engagement is further reinforcing flexible, advice-led distribution models.
Resilient, profitable growth
Since IPO, Mortgage Advice Bureau has delivered consistent revenue growth and expanded market share in a range of market conditions. The business has demonstrated resilience through economic cycles, with:
- Sustained share gains in new lending
- Increasing participation in Product Transfers
- Growth in protection penetration
This performance reflects the strength of the network, diversified acquisition channels and disciplined cost management while continuing investment in our proposition through property and economic cycles.
Capital discipline
Mortgage Advice Bureau operates a capital-light model with strong cash generation and disciplined capital allocation.
Surplus capital is deployed through:
- Reinvestment in Platform and productivity
- Selective equity investments
- Progressive shareholder returns
Our medium-term financial framework is driven by adviser growth, productivity gains and operating leverage. We aim to double revenue and market share over the medium term, consolidating our leadership and shaping the future of the intermediary sector.
The combination of structural market characteristics, scalable platform economics and disciplined capital allocation supports sustainable earnings growth and attractive shareholder returns.
Data, AI and automation
At the foundation of Mortgage Advice Bureau's model is a large and growing proprietary dataset built from over 25 years of mortgage and protection customer interactions. This structured dataset captures the full customer journey across research, advice, application and ongoing engagement.
As the client bank continues to expand, the scale of this dataset improves insight into customer behaviour, product maturity cycles and protection needs. These insights enable more targeted engagement with customers throughout the homeownership lifecycle.
Over time, this creates a compounding advantage. Greater scale improves insights; improved insight enables more personalised engagement; and more effective engagement strengthens retention, conversion and customer lifetime value.
AI and automation driving productivity
Building on this data foundation, AI and automation are enhancing the efficiency and scalability of the platform. Automation improves data capture, document processing and case placement, reducing administrative friction and enabling advisers to progress cases more quickly and consistently.
These capabilities increase adviser and administrative capacity, while supporting stronger compliance outcomes and improved case quality. Faster completion times and more efficient workflows enable advisers to manage higher volumes of cases without compromising advice standards.
As productivity improves, the platform benefits from operating leverage, supporting growth in revenues and margins as scale increases.
A more personalised customer experience
Data, AI and automation enable a more personalised customer experience delivered at scale. Digital engagement allows customers to interact earlier in the homeownership journey, strengthening acquisition and conversion.
Mortgage monitoring and proactive engagement support stronger customer retention as products approach maturity. Protection advice is also increasingly delivered independently of the mortgage event, enabling advisers to support customers' evolving financial protection needs over time.
Together, these capabilities support a hybrid service model that combines digitally enabled journeys with expert adviser support where decisions are more complex. Customer can self-progress digitally where appropriate, while advisers focus on high-value advice where judgement and experience are most important.
This approach supports higher conversion, stronger retention and increasing customer lifetime value.
Scalable growth engines
Mortgage Advice Bureau operates a scalable platform supported by two complementary growth engines:
- The AR network
- Invested Businesses
AR firms are independent partners operating under long-term contractual arrangements, generating revenue with a largely variable cost base. Invested businesses are firms in which the Group holds an equity stake and which are more closely integrated into operations, contributing a higher share of revenue alongside a greater share of the associated cost base. These investments enhance the Group's participation in the economics of high-performing firms while strengthening alignment and operational integration across the platform.
Growth is driven by adivser numbers and adviser productivity. Platform-enabled productivity improvements increase case volumes per adviser while maintaining advice quality and supporting operating leverage.
Since IPO, Mortgage Advice Bureau has delivered consistent revenue growth and expanded market share across a range of market conditions. The business has demonstrated resilience through economic cycles, with its dual growth engines contributing to:
- Sustained market share gains in new lending
- Increasing share of Product Transfers
- Growth in protection reach
This performance reflects the strength of the network, the contribution of Invested Businesses, diversified acquisition channels and disciplined cost management, alongside continued investment in our proposition across property and economic cycles.
Capital discipline
Mortgage Advice Bureau operates a capital-light model with strong cash generation and disciplined capital allocation.
Surplus capital is deployed through:
- Reinvestment in Platform and productivity
- Selective equity investments
- Progressive shareholder returns
Our medium-term financial framework is driven by adviser growth, productivity gains and operating leverage. We aim to double revenue and market share over the medium term, consolidating our leadership and shaping the future of the intermediary sector.
The combination of structural market characteristics, scalable platform economics and disciplined capital allocation supports sustainable earnings growth and attractive shareholder returns.
Platform
Our MIDAS Platform helps drive operational efficiency supporting revenue growth from our leads and nurture. It also increases adviser productivity, customer retention and lifetime value.
We've also invested in AI technology and see its positive impact being felt in lead triage and nurturing, our Guardian Angel tool, compliance and auditing and overall operational efficiency.
Market position
We estimate Mab's current total addressable market (TAM) in UK mortgage lending exceeds £500bn annually. This comprises approximately £300bn of new lending and £260bn of product transfers, based on UK Finance's 2026 forecasts. Importantly, refinancing accounts for around two-thirds of UK mortgage transactions, driven by product maturities rather than macroeconomic conditions.
Mortgage Advice Bureau holds a leading position across the three largest lead sectors, arranging over £32bn of mortgages annually. In 2025, we estimate our market share of UK gross new mortgage lending at 8.4%.
Protection is a key part of the advice offering and includes products such as income protection, term assurance, critical illness and family protection. Mortgage Advice Bureau is the clear market leader in terms of protection advice in the intermediary sector and is now extending its advice proposition outside of the mortgage event, with annual protection reviews to be carried out by a growing number of specialist protection advisers.
Our business model
We partner with high-quality, growth-orientated firms through long-term contractual relationships.
In addition to providing a platform that supports these firms optimise their performance and margins, we provide access to comprehensive lender and insurer panels, alongside compliance oversight, recruitment support, marketing and lead generation capability, training and business consultancy.
In return, Mortgage Advice Bureau retains a share of the revenue generated by advisers within AR firms. As adviser numbers and productivity increase, revenue grows proportionately while central costs scale more gradually, supporting operating leverage.
Speak to us
Founded in 2000, Mortgage Advice Bureau has grown to be one of the UK's leading consumer intermediary brands and specialist appointed representative networks for mortgage intermediaries with over 150 Appointed Representative (AR) firms, and approximately 2,000 advisers.