Legal & General Mortgage Club reports 2015 completions of £46bn (15% year on year growth)
Legal & General Mortgage Club (“the Club”) today announced 15% sales growth in 2015 with £46 billion of sales through strong partnerships with top lenders and over 6,000 mortgage brokers. Another record year means that the Club, which was already the largest participant in the intermediated mortgage market in the UK, is now involved in one in five of all UK mortgage transactions.
Nigel Wilson, Legal & General Group CEO (photo, right) said: “The £46 billion of mortgage sales is an outstanding result for my colleagues in Legal & General's Mortgage Club. Mortgages are one of the many ways we are helping to house our customers.
“At Legal & General we are investing to create new assets in many areas including housing and urban regeneration. We recently announced our £600m partnership with PGGM to build 3000 private rented homes, are putting £400m into Cardiff to help regenerate the city and deliver 10,000 jobs, and have invested £1.5 billion in over 17,000 student flats across the UK.
“Unless we invest in the new, we risk moving into a world of zero’s, including zero wage growth, productivity and inflation. This is not the outcome we want for the UK.”
Legal & General Mortgage Club is part of the company’s Housing Partnerships Division, which includes Legal & General Surveying Services who managed over 490,000 mortgage valuations and surveys in 2015, and Insurance which provides a full range of protection products for homeowners, tenants and landlords.
Stephen Smith, Legal & General’s Director of Housing Partnerships (photo, right) added: “2015 was another record year for the Club. This shows our commitment to grow and extend our reach in all parts of the UK housing market. The intermediary mortgage lending market delivered exceptional growth in 2015. Intermediaries and brokers have a unique understanding of the market and can offer a broader and better range of products than are available on the High Street, which is great news for customers.”
The Club works closely with other businesses across Legal & General, which create, invest in, and manage UK housing and other real assets. These include Legal & General's fast-growing Lifetime Mortgage business, which recently announced over £200m of equity release completions in its first year of operation.
For further information, please contact:
|Laura Doyle||Head of Investor Relations||
020 3124 2088
|Stephen Thomas||Investor Relations Manager||020 3124 2047|
|John Godfrey||Corporate Affairs Director||020 3124 2090|
|Richard King||Head of Group Corporate Communications||020 3124 2095|
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 £728bn worldwide (as at 30 September 2015) on behalf of investors, policyholders and shareholders. We have 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 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
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