Good morning, everyone. Thank you for joining us today for the LendInvest PLC full year results to the 31st of March 2023. The presentation will commence shortly. If you have joined us via Zoom webinar, please note, this call is being live streamed to a webcast for a wider audience and will be recorded. By participating in the Zoom webinar, you are agreeing that recordings made during this event may be shared by LendInvest. After the presentation, we will conduct a Q&A session. During the Q&A element of this morning's call, to ask a question, please use the Raise Hand function at the bottom of your Zoom screen. If you already have a question, please do this now, ready for when the Q&A begins. The moderator will introduce you, ask you to unmute, and you can ask your question.
We advise that for the best viewing experience, you watch the Q&A in Speaker View. Please do this by clicking on the View button at the top right corner of your Zoom screen. I would now like to hand over to Rod Lockhart to open the presentation.
Good morning, thanks for your time today and the opportunity to present our results for the year ended 31st of March 2023. Joining me on the call for the last time today is Michael Evans. It's been a pleasure to work with Michael over the last six years, and I want to take this opportunity to thank him for his huge contribution to our business, including being instrumental in our listing in 2021. I'll miss him, and I wish him all the best for the future. I'm delighted to officially introduce you to David Broadbent, our incoming CFO, who you'll meet later in the presentation. Dave has fantastic experience in financial and technology businesses, and I'm really looking forward to working closely with him. We'll run through the slides, which will take approximately half an hour, and then the three of us will be available for Q&A.
It's certainly an interesting time to be in the mortgage and property markets. I'll start by providing a brief overview of the market backdrop. I'll cover some of the key financial and strategic highlights. Michael will pick up and talk through our financial performance. Finally, I'll cover the strategic update alongside Dave. We'll conclude with the outlook and the longer-term opportunity. The last 12-18 months have been a challenging environment for us. High and consistent inflation has driven base rate to the highest point since 2008. The five-year swap rate, which is a key component for pricing five-year fixed-rate mortgages, has been hugely volatile. With inflation persisting, it looks like base rate hasn't reached its peak.
This has driven mortgage rates to the highest levels or levels not seen since 2013, then lenders having to pull products and reintroduce them at materially higher levels. Despite this backdrop, house prices have been incredibly resilient and rental growth has been exceptionally strong. We are starting to see some weakness in house prices and some of the house price weakness in some of the house prices indices are showing falls, there's been a slowdown in market levels of mortgage applications and property transactions. While it feels like we're getting towards the top of the interest rate cycle, which you can see on this chart, is reflected in recent swap falls, it's crucial to acknowledge that for rates to stabilize, we do need to see inflation reducing from its current levels.
This environment has created its fair share of challenges for us. It's provided us with numerous occasions to demonstrate our ability to adapt. Over the year, we've evolved our products to cater for the specific requirements of our borrowers in these changing circumstances. We've demonstrated the resilience and agility of our business. In embracing change, we've turned challenges into opportunities. We've cemented our position as a forward-thinking, agile, and reliable mortgage provider. As we move forward, we'll continue to navigate the ever-evolving landscape and be ready to adapt to seize new opportunities as they arise. This environment has meant that we've had to move quickly and be tactical to take advantage of product opportunities as they've arisen. As interest rates started to rise 18 months ago, we introduced longer seven and 10-year fixed rate terms for Buy-to-Let mortgages.
These quickly became our most popular Buy-to-Let product, as borrowers looked to lock in rates for longer in a rising rate environment. As the swap rates rose and borrowers predicted we were reaching the top of the interest rate cycle, we introduced base rate tracker products, which proved popular. Today, one of our best-selling products is a bridging loan for landlords to allow them to move quickly to buy properties as they see value in a weaker property market. While we've been tactical, we've also made great strides in our strategic progress, too. I'm thrilled that we successfully introduced our inaugural residential mortgage product range, marking a huge milestone for our business and delivering on a key ambition that we set out in our IPO.
Given the market backdrop and the potential for even more customers to be less well served by high street lenders over the months and years ahead, this could prove a really opportune time to launch this new product. We also seek funding from HSBC, supported by British Business Bank, so we can finance SME house builders to help them build more homes and resolve the housing crisis. We've continued to expand our reputation as a trusted partner for financial institutions seeking opportunities in the U.K. mortgage market, and we're proud to have attracted more esteemed blue-chip names to the ever-growing list of institutions that place their trust in us. In this backdrop, we've achieved strong growth in both Platform AuM and FuM, with notable increases of 21% and 23% respectively.
Moreover, our net operating income rose by 8%, and we'll talk through the specific details shortly. Our profit before tax was in line with guidance, earnings per share unchanged. In an effort towards shareholders, we're pleased to announce the board has recommended a 2% increase in dividend. This brings the full year recommended dividend to 4.5 pence per share, reflecting our commitment to providing value for our investors. Platform AuM increased by 21% to GBP 2.6 billion. This was driven by a 21% increase to Buy-to-Let Platform AuM to GBP 1.8 billion, and a 19% increase in short-term Platform AuM to GBP 800 million. I'm delighted to see a return to growth for our short-term lending segment, following a stable period since the onset of COVID. This has been driven by our market-leading broker portal for short-term mortgages.
In particular, in the current market, this segment is a key driver of our growth, where some landlords are looking to move quickly with purchases to take advantage of the weaker property market. Our key technology project ongoing is building our next generation Buy-to-Let portal, which will consolidate all of our lending product offerings onto a single portal and will allow us to establish seamless transitions between our products, which we expect to support AuM growth in the years ahead. On the funding side, we were delighted to grow and diversify our FuM, increasing it by 23% to GBP 3.6 billion. During the first half of the year, we accomplished several key milestones. We established a valuable core funding partnership with Lloyds Bank, which provides additional firepower to support the growth of our Buy-to-Let and residential products.
We expanded relationship with JP Morgan. We raised GBP 100 million from HSBC, supported by British Business Bank to support SME house builders. We completed our fourth securitization. We issued our third listed bond. We migrated our real estate opportunity fund to a new structure. We called our first securitization. We sold residuals in our board. We've maintained momentum post year-end, too, recently adding Wells Fargo to expand our Buy-to-Let offering, BNP Paribas to maintain the current growth trajectory in our short-term mortgage products. Most recently, adding Chetwood Bank as a GBP 500 million separate account partner for our Buy-to-Let residential mortgages. This partnership, in particular, has allowed us to significantly improve the competitiveness of our products and should allow us to deliver strong growth in fee revenue in H2.
As part of our strategic priorities, we have the ambition to increase the proportion of our Platform AuM, that we manage on behalf of third parties, rather than holding on our group's balance sheet. This approach not only reduces the reliance on our balance sheet funding for growth, but it also mitigates the credit risk exposure of the group. This year, we've made huge progress in this regard, and Dave will come on to explain it. I'm now going to hand over to Michael to run through the financials.
Thanks, Rod. Good morning, everyone. Before I go on to discuss the full year results in more detail, I want to take some time to discuss the changes that have been made to the presentation of our P&L for this year's reporting. We've now been a listed business for two years and have incorporated feedback to update presentation of our P&L to enable better comparability of our numbers to our peers in both the lending and management sectors. This will also make it easier to understand where income is derived from loans held on our balance sheet or from loans originated on behalf of or managed for third parties. Net interest income relates to interest generated from loans held on our balance sheet and is calculated using effective interest rate method.
The behavior patterns of borrowers on the reversion rate is reviewed. Our model assumes, on average, that borrowers have less than three months of the reversion rates. For the year ended 31st March 2023, net interest income, 70% of net income. As we have strategically built portfolios of our loans and the residual interest in our securitization exploring, subsequently, I would expect this proportion to reduce significantly in future years. Net fee income largely relates to income from third parties. This can include fees recognized where we sell loans, which have been originated on behalf of third parties. Fees that we receive for servicing those loans or management and performance fees from the business. Additionally, within this category are any fees related to loans on our balance sheet, such as extension fees, where loans extend beyond the interest.
Gains on the recognition of finance related to gains made loans, which have been on the balance sheet for a period of time with the party. Further information on this can be found in note one and note six to nine of our account. As Rod Lockhart has already mentioned, this has been a challenging year, but we're in line with our guidance of GBP 40.3 million, whilst also growing our Platform AuM. Net income by 45% to GBP 38.4 million. This has primarily been driven by the increase in our Buy-to-Let Platform AuM by 21% to GBP 1.8 billion, as well as increases in lending rates, keeping interest rate environment. Net income also benefited from a GBP 9.2 million gain recognized as a reduction in interest expense.
This related to the call of our first securitization, Mortimer BTL 2019-1, in September, where the underlying interest rate swaps held in a hedge accounting relationships were broken, and the fair value gains were recognized in the P&L. This GBP 9.2 million gain offsets other interest expense increases across the Buy-to-Let portfolio, which were also related to increases in swap rates. Net fee income reduced by 37% to GBP 11.2 million. This was largely driven by a 71% decrease in net fees on origination of loans to third party between sales to JP Morgan. JP Morgan prices loans from both the lending rate and also securitization markets were also volatile to fuel and meet the required minimum income level for sale. Gains on the recognition of financial assets reduced 22% to GBP 4.9 million.
Given the volatile economic backdrop, we originated fewer large structured bridging loans, which would normally have been sold to our Luxembourg real estate funds. Administrative expenses increased by 8% to GBP 34.5 million. This reflects the investment we have made in people as we build the infrastructure to launch our new residential product, as well as increased costs due to high inflation levels. Impairment losses increased by 34% to GBP 5.9 million. Over 90% of this charge related to two legacy defaulted loans, as those positions deteriorated materially given the economic backdrop. We have also seen a 25% increase in Stage 2 loans, signs of credit deterioration, again, reflecting the increase in interest rates. The increase in impairment charges for these loans was largely offset by impairment releases as loans were derecognized from our balance sheet.
Since the year-end, we have completed two transactions, which reduced the size of our balance sheet by just under GBP 470 million. The recent completion of a GBP 500 million forward flow agreement with Chetwood will remove a significant amount of credit risk from future earnings. The combination of these factors resulted in a profit before tax figure of GBP 14.3 million, marginally ahead of the prior year figure of GBP 14.2 million. The recent launch of our homeowner product, in addition to the forward flow agreement with Chetwood, sets the business up well for future performance and to continue the transition to a capital-light model. I'll now hand over to Rod to give a more detailed strategic update.
Thanks, Michael. Turning now to the strategic update. Our mission is to harness technology to make property finance fast and simple for everyone. To help us deliver on this mission, and in particular, to simplify our business for our stakeholders, we've evolved the business into two distinct operating divisions: LendInvest Mortgages, which comprises our mortgage products. This includes Buy-to-Let mortgages, residential mortgages, and short-term mortgages. LendInvest Capital, which comprises our more bespoke property finance solutions, such as development finance or structured property finance. This side of our business also houses our investment products, including our funds and self-select platform. The rationale behind dividing our product offering into these two divisions is to bring together the products that share the same characteristics. Across LendInvest Mortgages, we use similar processes for originations, loan management, and the technology is consistent, too.
The underwriters that focus in on this area are cross-trained across the different types of mortgage products. LendInvest Capital brings together more complex products, bespoke processes, and these usually need expert input and people-centric approach. This change will allow us to better communicate to the two different audiences and to deliver a higher quality customer experience for our borrowers, intermediaries, and investors. We've launched these sub-brands with the borrowers and intermediaries, and we're reporting these two divisions as we move forward. Key to our success in FY 2023 has been our ability to respond quickly and creatively to the market conditions. We've set out on this slide some of the ways in which we've responded. I'm not going to run through each of these, but I'm going to pull out a few highlights.
As I set out at the start of this presentation, volatile swap rates have made pricing mortgage products challenging and have impacted margins and competitiveness. To counter this, we've constantly diversified our sources of AuM, and we're delighted to have added Chetwood Bank, which is funded by retail deposits as a new separate account partner. In the current market, retail bank funding is materially more competitive than capital markets funding, but that might reverse at some point in the future. Over the last 12 months, for Buy-to-Let lending, the most popular 75% LTV five-year fixed-rate products have been averaging 53rd in the broker sourcing systems, and our two-year product had been even less competitive. Our current positioning with our new funding is 21st for the five-year fixed and 5th for the two-year fixed. Unsurprisingly, this has become, quite quickly, our best-selling product.
Another challenge the property market continues to face is a shortage of housing. This has been a persistent challenge for many years, but with the government having dropped housing delivery targets, and with an uncertain market backdrop, fewer development projects are starting, and this chronic undersupply will likely get worse. To actively contribute to the solution, we've secured funding from HSBC, with support from British Business Bank, to provide competitively priced finance to small and medium-sized house builders, so that they can bring forward their projects and alleviate this housing shortfall. Lastly, we've been challenging ourselves, given the access to lending capital that we have, how do we get more volume through the technology that we've built? To address this, we launched a new joint venture trade called TradeLend.
This joint venture, where we've partnered with an experienced team providing bridging and development loans, opens up our platform to new borrowers and brokers that otherwise would not been able to access our products. It will help us grow our AuM. Thanks to our other joint ventures with trusted corporation, will enable us to tap into previously untapped markets and leverage the expertise and relationships of our partners so that our platform reaches a wider audience. By effectively addressing each challenge, we've demonstrated our resilience and our ability to adapt in a dynamic market environment. Through diversification, product innovation, strategic partnerships, not only are we overcoming these challenges, but we're also positioning ourselves for continued success in the future.
For those of you new to our story, this slide represents the most significant milestone for our business since we launched lending in 2017, and shows us delivering on a key ambition that we set out in our IPO. We've set out to revolutionize the residential mortgage market. Starting first with specialist residential segment. This is a GBP 100 billion market segment of mortgage borrowers that are not well served by high street banks and building societies. Traditional lenders have typically fixed criteria, don't accommodate borrowers with unique circumstances or non-traditional sources of income. They often rely on standard income verification methods, and they're less willing to consider factors such as self-employment or regular income patterns.
Specialist knowledge and expertise is required to understand the unique characteristics of these borrowers. We've built an origination technology platform designed to analyze the specific needs of these customers, that allows us to piece together their profiles. We recently commissioned Opinium to conduct a research survey focusing on self-employed people and key workers. That survey confirmed the trust faced by these people in securing mortgages. 30% of key workers and 28% of self-employed people surveyed had been turned down for a mortgage. Our platform provides these customers and their brokers with a slick application, fast turnaround times. This month, we completed a loan to a residential borrower purchase from query to completion in less than 30 days. By removing the friction for borrowers and brokers, it also reduces the fee for us. It will provide us with operating leverage as we grow.
Following launch in December 2022, and with funding originally from Lloyds, and now with Chetwood too, we're really pleased with the progress we've made to date, and we're excited about the future of this product. I fully expect this product to replicate the success we've had in Buy-to-Let. Our success can be directly attributed to the proprietary technology that we've built. Underpins every platform, product, and system at LendInvest. I feel confident in saying that we've redefined what was once considered slow, frustrating, and manual, streamlining it into seamless and fast experience for our customers. In working towards our vision to revolutionize mortgages, we drive an unparalleled speed to market, fortified risk management capabilities, all of which have been pivotal in propelling our business. Traditionally, customers endure endless paperwork, prolonged waiting periods, bureaucratic red tape.
We recognize the urgent need for change and embrace digital transformation. Our digital mortgage application process is seamlessly simple. By leveraging proprietary technology, borrowers can now apply for mortgages with ease and efficiency. The results have been incredible. We can complete the whole process in as little as nine days from start to finish, from even the most complex cases. As market conditions fluctuate, we've demonstrated that we can respond rapidly, innovate products like our Buy-to-Let Tracker range, proving we can remain agile without compromising on quality. Beyond enhancing customer experience and driving speed to market, our technology plays a central role in automating processes for our customers and strengthening our risk management. Traditional lenders still often rely on manual underwriting processes, which are time-consuming and can leave room for human error. In contrast, we've embraced machine learning.
We pull large data sets through APIs. We analyze them instantly before presenting those results in a simple screen for our underwriters to understand the case. Our technology is what sets us apart from the competition. It allows us to deliver exceptional products to our customers with unmatched speed while prioritizing high service levels. It's what's allowed us to scale, to deliver new innovative solutions for our brokers and borrowers, and it hasn't gone unnoticed. Brokers often comment on Trustpilot about our easy application system, quick and simple process. To benchmark our technology and compare it with other lending platforms, we commissioned a top-tier consulting firm to complete a benchmarking review.
They commented that our market-leading broker and admin portal, they commented on the best-in-class technology and also, importantly, our excellent track record in delivery, which is important as we continue to build out our technology roadmap. We also benchmark our capabilities to develop and release software against measures devised by the Google DevOps Research and Assessment program, where we rank ourselves against other software companies. We consistently rank in the highest category alongside the top 11% of respondents. As we continue to invest in and refine our technology, we remain confident in our ability to build a best-in-class technology to drive sustainable growth and deliver value for our customers. We believe that putting ESG and sustainable lending at the heart of our business model is not just the right thing to do, it's essential for long-term success and beneficial for our shareholders.
As part of our ongoing dedication to transparency and continuous improvement, we recently commissioned a comprehensive report to gauge our ESG market positioning compared to other organizations in our industry. I'm delighted to share that we've emerged as leaders in some crucial areas, setting benchmarks for our peers to follow. One of our proudest achievements is our commitment to fostering diversity within our organization. At our board level, our diversity exceeds that of our peers, and we've made significant strides in addressing a gender pay gap disparities. We're dedicated to ensuring diverse perspectives and talents contribute to our decision-making processes. While we've still got a lot to do, we are committed to improving and promoting inclusive inclusivity and equal opportunities. Our commitment to net zero has been a driving force in shaping our sustainability objectives.
I'm thrilled to announce that LendInvest has attained carbon neutrality, a milestone that reflects our ongoing efforts to reduce our carbon footprint. We firmly believe that the finance industry plays a crucial role in combating climate change, and we're determined to be a leader in this transition. We took significant steps towards financing green projects by publishing our Green Bond Framework in November 2022. This framework, aligned to the ICMA Green Bond Principles, ensures that proceeds from future green bond issuances will be exclusively channeled towards financing or refinancing loans eligible for green projects to improve the environmental efficiency of the U.K.'s aging housing stock. While we're proud of these accomplishments, we recognize that sustainability journey is a continuous one. Our commitment to ESG principles drives us forward, and we'll continue to focus in these areas in the months and years ahead.
I'm now gonna pass across to Dave to run through our move towards a capital-light model.
Thank you, Rod, and a very good morning to everybody. As Rod said, let me close out the strategy update session by talking about our move towards a capital-light model. This is an important part of the LendInvest long-term strategy, where we look to increase the assets that are under management on behalf of third parties, where we don't have direct exposure to credit risk as a result of that, and also where LendInvest doesn't need to utilize its own capital in supporting the underlying funding structures as well. I think it's fair to say we've made significant progress in this respect over the last 15 months.
Hopefully, you can see that in the charts we've shown on this slide, where the proportion of assets that are managed on behalf of third parties is shown in blue, and the proportion of assets that are held on our balance sheet is shown in black. What you can see is, we've reduced the amount of the proportion of assets on our balance sheet from 57% at March 2022 to 45% at the end of March 2023. Since the balance sheet date, that's reduced even further down to 30% at the end of June. The reason for this is because the business has reduced the amount of assets on balance sheet by over GBP 1 billion over that 15-month period.
You can see the transactions on the slide here, effectively, the main driver of that is the sale of the residual interests in the Mortimer securitization structures. More recently, there was the sale of a loan portfolio of around GBP 250 million to Chetwood Financial. Going forward, we expect that proportion of assets on balance sheet to reduce even further in FY 2024. The main driver of that will be the forward flow arrangement that both Rod and Michael have mentioned earlier, so GBP 500 million facility. I'm very pleased to announce that late last night, our capital markets team concluded a separate GBP 200 million arrangement with a different third party, which will provide further funding for our short-term mortgages, our bridging loans as well.
With these order arrangements, you know, the commercial arrangements are that we'll receive upfront fees, origination of loans under these facilities, and thereafter, a loan and servicing fee for as long as the assets remain under management by LendInvest. Key thing there is that there's no direct credit risk exposure and no capital requirement for us, both of which should enhance return on capital employed and long-term shareholder value as well. We'll move on now to the outlook and the long-term opportunity. Let me start this section by talking about the near-term outlook. I think as you heard from Rod earlier, the market backdrop we're operating in is pretty tricky at the minute. I think we expect that to remain the case, certainly for the near term.
However, we expect Platform AuM to increase in FY 2024 at a similar rate to that we've seen in FY 2023. That will be mainly driven by Mortgages Division, which benefit from the new forward flow arrangements that we just mentioned. As Rod articulated, this means our competitive positioning, particularly for Buy-to-Let and residential mortgages, is strengthened by leveraging a lower cost retail deposit funding model, and that means that we'll be able to reduce the rates that our borrowers will pay on those mortgages. We also expect our the AuM by our LendInvest Capital to increase this year as well, although that is partly related or will be partly driven by the need to sort of increase our funding lines for that division and the products that they manage.
That's a process that's currently ongoing. We expect that to deliver benefits in the second half of the year. From an income perspective, we're expecting that the increase in assets under management and the increase in interest rates since the beginning of last year will drive higher overall gross income. Our funding costs will also increase because of the higher interest rates that we're seeing. That will mean that net operating income will be more muted as a result. One thing to note on net operating income, obviously, we'll have a higher proportion of assets that we manage on behalf of third parties. We'll see a rebalancing between net interest income, which will reduce in FY 2024, as opposed to net fee income, which will materially increase in FY 2024.
The other key point that I'd like to make about the FY 2024 results is that performance will be for the second half of the year. Three main drivers of this, firstly, is the fact that most of the forward flow of funding will be deployed in H2. Secondly, as I referenced before, we expect the capital divisions have a stronger second half of the year once additional funding has been made available. Thirdly, hopefully, we'll see a more in the second half of this year as well. Overall, though, I think it's fair to say that we're sort of cautiously optimistic that we'll be able to deliver a good result for the whole of FY 2024. Let me hand back to Rod and let him cover off the long-term opportunity.
Thanks, Dave. It's been a challenging market backdrop, but we're really pleased with our results and the success we've had delivering on our strategic objectives. I'm proud of the resilience and agility of our team, of our market-leading technology, and the great business that we've built. Our best-in-class technology platform provides us with a base from which we can scale and adapt ever-evolving market conditions. Critically, as we grow our business, it'll drive significant operating leverage for us. We don't need to hire as many underwriters to grow as other similar organizations. Our access to capital is second to none. We continue to see opportunity to strengthen our platform by adding new funding lines and diversifying and strengthening the capital base of the business. While we expect the macro environment to remain challenging in the short term, we expect it to present opportunities for us.
Our business was created in 2008 off the back of bank retrenchment from property lending. We're well positioned today to take advantage of similar opportunities as they present themselves in the months and years ahead. Thanks for listening to our presentation. We're now happy to take questions. I'll hand back to the operator.
Thank you, Rod. We will now begin the Q&A session. If you'd like to ask a question, please use the Raise Hand function at the bottom of your Zoom screen. I will now pause a moment to allow a queue to form. Our first question comes from Gary Greenwood at Shore Capital. Please unmute your line and ask your question.
Hi. Thanks for taking my question. It was just on the move to the capital-light model. I just wonder if you could remind us what the sort of split is between the upfront fees you get and the servicing fees you get on that business, and whether that's changing under the new agreements?
Yeah. Thanks, Gary. Thanks for the question. As you point out, we take a combination of upfront fees and ongoing servicing fees. Each of the arrangements are slightly different. I'll give you sort of a high-level overview. Most of the fees do come upfront, where we take the arrangement fees on the loan upfront. We also take a fee that's calculated off the expected life of that loan, usually matching the fixed- rate period of the loan, and those fees come upfront. We then take an ongoing servicing fee. That servicing fee is in line with the sort of fees that you'd generate through servicing on securitization, so around 20 basis points per annum ongoing.
That's great. Thanks. I just had one follow-up as well, just on quality of earnings. There's quite a lot of noise in the P&L at the moment with regards to securitizations being sold and positions moving.
Yeah.
Do you expect that to reduce going forward as a result of this sort of shift to the capital-light model, and you'll get a better quality of earnings, therefore?
That's exactly right. Both Dave and Michael pointed out, as we look forward, you'll see more fee revenue coming forward, as a proportion of the total income, which, yeah, we expect through time to provide that. That's, I guess, more stable income.
That's great. Thanks very much.
Thanks.
As a reminder, for those wishing to ask a question, please use the Raise Hand function at the bottom of your Zoom screen. Our second question comes from Rae Maile at Panmure Gordon. Please unmute your line and ask your question.
Morning, Rod. In your statement, you make reference to GBP 1 billion of headroom on your lending. How quickly and how easily do you think you can deploy that, given all the rampant scare stories about the state of the property market?
Thanks, Rae. That's a great question. Starting point is that, in each of the markets in which we operate, we're a relatively small percentage of the overall market. Even if we had shrinking transactions or mortgage volumes in all of our markets, we'd still have the opportunity to grow by taking market share. I guess, the speed in which we deploy that capital will partly come down to the competitiveness of our products over the coming months. Clearly, we were or are delighted the impact that the new Chetwood funding has had on our at the sourcing of our Buy-to-Let product in particular.
As Dave pointed out, we do expect that to allow us to lift our volumes, which will impact with loan completions coming in the second part of financial year.
Thank you very much, Rae. We currently have no more questions in the Zoom room at this time. As a final reminder for those that have joined via the Zoom webinar, please use the Raise Hand function at the bottom of the Zoom screen to ask your question. Thank you. We still have no questions in the Zoom webinar, so I'll hand back to Rod Lockhart for concluding remarks.
Thank you all for your time this morning. We're delighted to have the opportunity to talk to you and talk you through our results. We're pleased with the progress that we've made today. We're really excited about what is to come. If you do have any follow-up questions, please don't hesitate to reach out to our investor relations email address. Thanks.