Legal & General Mortgage Club posts record March figures with £4.7bn in completions, Q1 up 33% on 2015
The Legal & General Mortgage Club delivered a record month in March, with completions of £4.7bn, the highest monthly number in the club’s 21 year history. The achievement comes on the back of a strong start to the year, with record first quarter completions of £12.5bn – up 33% on the same period in 2015.
A buoyant intermediary market and a surge in buy–to-let transactions ahead of the stamp duty rise have strengthened the Mortgage Club’s leading position as the largest mortgage distributor in the UK. Legal & General Mortgage Club is involved in more than one in five of all mortgage transactions 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.
Jeremy Duncombe, Director, Legal & General Mortgage Club (photo) 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, and Legal & General remains the go-to choice for lenders and brokers alike.
“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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Notes to editors:
LEGAL & GENERAL GROUP PLC:
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.9bn (as at 31 December 2015) and is responsible for investing £746bn worldwide (as at 31 December 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.
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