Legal and General launches direct-to-lender second charge panel

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  • 10/05/2016
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Legal and General launches direct-to-lender second charge panel
Legal and General Mortgage Club has created a second charge lender panel allowing brokers to offer direct advice and go straight to the lender without using a master broker.

The panel, which will add further lenders over the coming months, includes Precise Mortgages, Prestige Finance, Paragon Bank and United Trust Bank.

The mortgage club already has a master broker referral panel in place which was implemented in the run up to the Mortgage Credit Directive on 21 March.

L&G’s panel launch follows a proposition recently rolled out by Precise Mortgages, allowing mortgage brokers to obtain a procuration fee for submitting business directly to the lender.

Jeremy Duncombe, director, Legal and General Mortgage Club, said it was important to provide brokers with access to a wider choice of products following the implementation of MCD.

“Our proposition will now enable us to work with lenders and master brokers to develop new products and criteria for this market, increasing awareness of the opportunities, and providing a better outcome for customers,” he said.

Alan Cleary, Precise Mortgages’ managing director, added: “It’s great news that Legal and General Mortgage Club is now offering its members direct access to our second charge products. Second charge lending is a growing market with excellent opportunities for mortgage intermediaries. The FCA states that they expect the vast majority of second charge sales to be on an advised basis – this is undoubtedly an area where intermediaries excel.”

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