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Legal and General Mortgage Club hits £4.7bn of completions in March

by: Mortgage Solutions
  • 21/04/2016
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Legal and General Mortgage Club hits £4.7bn of completions in March
In a record month, Legal and General Mortgage Club confirmed completions of £4.7bn in March, beating any previous numbers in the club’s 21-year history.

First quarter completions of £12.5bn are also up 33% on the same period in 2015.

The insurance giant’s key distribution arm, since the folding of the network, said: “A buoyant intermediary market and a surge in buy–to-let transactions ahead of the Stamp Duty rise have strengthened the club’s leading position as the largest mortgage distributor in the UK.”

Q1 has seen the perfect growth conditions of strong demand, good lender supply, a number of new lenders coming to market and a buy-to-let industry rushing to beat the stamp duty deadline, it added.

Jeremy Duncombe, director, Legal & General Mortgage Club, said: “The market has carried on in Q1 where it left off in 2015, and intermediaries continue to react brilliantly to meet the demands of customers. This is a fantastic start to the year for Mortgage Club.

“Whilst we expect the market to continue to be strong for the rest of the year, there are a number of potential headwinds to be aware of. Further changes to buy-to-let as the PRA consults on tighter lending rules could undermine confidence in the market, whilst uncertainty caused by the EU referendum, fears over global stability and the relatively fragile nature of the economic recovery mean that brokers shouldn’t be complacent. Brokers need to ensure that they have a holistic offering, including remortgage, customer retention, second charges, and later life lending. That will deliver a robust business model that is able to adapt as the market evolves and new challenges arise.”

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