June’s record completion levels represented a 64% increase year-on-year which director Jeremy Duncombe (pictured) said dispelled the myth that the Mortgage Market Review had slowed down the market.
“These fantastic figures show that intermediaries have not only adapted but thrived through the introduction of MMR,” said Duncombe.
“Approval numbers may have fallen in the wider market, however, intermediaries have continued to grow and increase their market share. These figures show that advisers have capitalised on the opportunity presented by falling approvals in retail channels.”
Last year, L&G’s preliminary annual results showed a 47% growth in mortgage business from £19bn in 2012 to £28bn in 2013.
Director of mortgage club and housing Stephen Smith said these results gave the distributor a 28% share of intermediary mortgage completions which made it the largest distributor in the UK.
To increase market share further, in April, the network launched a new-build panel of ten lenders to capitalise on sales through the Help to Buy equity loan scheme.
Outside the mainstream mortgage market L&G has expressed an interest in developing the equity release market and building homes tailored to the needs of the older generation.
