Legal & General Mortgage Club prove the value of Independent Mortgage Advice

Legal & General Mortgage Club have announced that they completed a staggering £26bn worth of mortgages last year representing a double figure increase on 2006. This means that of all the business given to lenders by independent mortgage brokers and other mortgage intermediaries, around 10% was placed under the banner of the Legal & General Mortgage Club.

Ben Thompson, mortgages director at Legal & General, says: “Our figures for last year look very healthy and we don’t intend to let a slowing market hold us back in 2008. To know that more than 10% of intermediated mortgages come through our mortgage club is a great achievement.”

Figures indicate that two thirds of application placed via L&G Mortgage Club were for fixed rate mortgage deals, which supports the view that in times of economic uncertainty many borrows will opt for the stability a fixed rate mortgage offers.

L&G’s mortgage club has grown from its initial launch in 1995 to a current membership of over 10,000 members.

Speaking of the announcement, Tim Lee, Managing Director or The Mortgage Warehouse (GB) Ltd stated “This news is not surprising. We maintain membership of a number of mortgage clubs and added L&G to our panel in 1999. L&G have proved time and time again that they are able to negotiate some of the best mortgage deals in the industry, obtaining exclusive rates often unavailable elsewhere”

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