In 2008 TMTG's members completed £4 billion of new mortgage business. This business will, from 2 March, be routed via Legal & General Mortgage Club with TMTG members benefiting from leading procuration fees as well as a host of other benefits and services.
Legal & General Mortgage Club is one of the biggest in the country, originating around £20 billion of lending in 2008, and acts as a one-stop-shop for mortgage advisers to access lenders. With over 9,000 members who are either directly authorised or appointed representatives of Legal & General's own mortgage network (LGPSL), the Mortgage Club has the weight to negotiate the best exclusive deals with lenders. Advisers can use the Club to access almost all lenders in the UK market from one source, as well as benefit benefiting from prompt payment via the clubs unique payment model.
Ben Thompson, Director, Mortgages at Legal & General said: "There are huge mutual benefits to this new trading partnership, which leads to a clear commercial understanding between the two companies, retaining their individual identities. We are in effect providing certainty on the mortgage club side of TMTG's business, allowing it to concentrate on building on other activities such as its network proposition. This also enables Legal & General to grow its market share even further in these difficult times."
Chris May, Director at The Mortgage Times Group comments: "We have been one of the fastest growing networks in recent years and believe by combining our already very competitive product offering with the L&G Mortgage Club we will have a fantastic service offering for all of our AR & DA members. Product exclusives and the ability to receive payment on exchange of contracts paid direct to the broker from L&G will provide a significant benefit to brokers. This is especially critical given the current economic climate.
"I believe that our combined strength will benefit all parties and I am excited about the many new opportunities that will arise from our partnership."
