The results underline Legal & General’s dominance in the UK housing market through its extensive relationships with UK lenders, its network of over 6,000 mortgage advisers, its estate agency network and its development of market leading electronic solutions for the housing market.
Legal & General’s Mortgage Club is growing rapidly. The 2003 result is double the volume of loans completed in 2001 of £8.1 billion. Much of the Club’s success is down to the volume and quality of the exclusive deals it negotiates with lenders on its panel which in 2003 accounted for almost £3.5 billion of the mortgages completed.
Legal & General announced in December 2003 that it would be applying for principal status as part of its preparation for the introduction of the regulation of mortgages, general insurance and protection in October 2004 and January 2005.
Mortgage Club is a key ingredient in Legal & General’s proposition for mortgage advisers post mortgage regulation.
Legal & General’s Mortgage Club was named Mortgage Distributor of the Year at the Mortgage Strategy Awards 2003.
