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Legal and General’s 2015 mortgage club completions hit record £46bn

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  • 12/02/2016
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Legal and General’s 2015 mortgage club completions hit record £46bn
Legal and General’s completions rose by 15% in 2015 to £46bn marking a record year for the mortgage club which has more than 6,000 mortgage broker members.

The club’s growth in sales means Legal and General was involved in one in five of all UK mortgage transactions last year, according to its results.

Figures released by the Council of Mortgage Lenders pegged total gross mortgage lending for 2015 at an estimated £220.3bn, an 8% rise on the previous year.

Legal and General expanded its reach into the equity release market last year with the purchase of New Life, an equity release provider. Under the brand Legal and General Home Finance, the group achieved £201m worth of lending in 2015, with £99m of this occurring during the fourth quarter of the year.

More recently, through its Housing Partnerships division, L&G invested £600m to build 3,000 private rented homes in Bristol in collaboration with Dutch Pension fund PGGM with plans to invest a further £400m into Cardiff to help regenerate the city.

Nigel Wilson, L&G Group chief executive, said: “The £46bn of mortgage sales is an outstanding result for my colleagues in L&G’s Mortgage Club. Mortgages are one of the many ways we are helping to house our customers.

“Unless we invest in the new, we risk moving into a world of zeros, including zero wage growth, productivity and inflation. This is not the outcome we want for the UK.”

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