Second Charge Lending
Twenty7Tec partners with Legal and General to give DAs seconds quotes
A partnership between Legal and General Mortgage Club and technology firm Twenty7Tec will allow brokers to compare first and second charge loans for their clients and produce documentary evidence of their research.
Last week, L&G launched a second charge lender panel to allow brokers to go straight to lenders without using a master broker.
The mortgage club will now offer Twenty7Tec’s MortgageSource system to all of its members, which will help them to identify the best cost option for borrowers by comparing first and second charge loans or for the whole of the outstanding existing mortgage.
Jeremy Duncombe, director of Legal & General Mortgage Club, said Twenty7Tec were the first large technology provider in the mortgage market to deliver such an offering.
“This system will aid brokers in giving better advice to their customers by helping to establish what the best solution for their needs may be,” he said.
Intermediaries will also be able to secure documentary evidence of their research that can be passed onto clients if they request it, a requirement stipulated by the Mortgage Credit Directive.
Aldermore Insights with Jon Cooper: Edition 9 – Why lending strategy is becoming more central in buy to let
Sponsored by Aldermore