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Legal and General Mortgage Club offers service to ease Help to Buy: equity loan remortgage bottleneck

  • 29/06/2017
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Legal and General Mortgage Club offers service to ease Help to Buy: equity loan remortgage bottleneck
Legal and General Mortgage Club has partnered with My Home Move to offer brokers a service for clients with Help to Buy: equity loan deals who need to remortgage.

Mortgage Solutions’ deputy editor Samantha Partington exclusively reported on the ‘shambolic’ state of the Help to Buy equity loan remortgage market back in February and L&G’s new build manager Craig Hall’s drive to stir up a more competitive, advice-driven raft of products for these customers.

Legal & General Mortgage Club and My Home Move said the firms have worked with brokers and lenders to understand customer’s processing and pricing needs.

Mark Snape, corporate distribution director, My Home Move, said there are around 100,000 Help-to-Buy homeowners that it estimates will need to remortgage properties in the next five years so the service should fill this ‘huge gap in the market.’

“We have worked with third parties including Target and the Home and Communities Agency’s (HCA) appointed administrator to create this simple and unique proposition; as well as new-build specialist brokers who not only understand the process but were able to feed in the difficulties borrowers were having and this included the fees charged by lawyers who were not familiar with the process and requirements.. We hope homeowners benefit from this initiative and can remortgage efficiently and smoothly.”

My Home Move’s ‘Introducer-eWay’ portal launched to offer brokers control and allow them to monitor the progress of their client’s case online, 24/7, said L&G. Dedicated account managers will also be on hand to support the needs of brokers and a broker will earn £100 for every Help-to-Buy case.

The conveyancing service is priced at an inclusive £629 for Help-to-Buy remortgage customers.

Craig Hall, new build manager, Legal & General Mortgage Club, said: “We are delighted to be partnering with My Home Move on this new service developed with customers, brokers and lenders in mind. It is great that My Home Move has been able to provide a simple solution for the growing number of Help-to-Buy homeowners looking to remortgage. Legal & General Mortgage Club is committed to putting customer choice at the heart of everything we do and this partnership demonstrates that promise.”

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