The Club was conceived in 1995, the first of its kind, and has grown to be one of the biggest in the market, with over 8,000 members. It leads the way in broker procuration fees and is still the only mortgage club to offer fees on exchange of contracts, thereby helping financial advisers with their cash flow.
Ben Thompson, director, mortgages at Legal & General said: "15 years is ancient in mortgage club terms, in fact you could say that we are the Godfathers of this market! Back in 1995, when we launched the Club, proc fees didn't exist but they have become the basis of the distribution model ever since. In that time we have shown that we can provide lenders with a tightly controlled, high quality channel that has allowed us to secure tranches of funding and exclusive products that we wouldn't otherwise have got. Now, of course, the Club is about much more than just mortgages, and we offer a range of extra services such as HIPs, personal loans, equity release, conveyancing, high net worth loans and compliance services, to name but a few."
Legal & General Mortgage Club is offering new recruits (and infrequent users) £15 per approved mortgage completion for the first fifteen applications until June 2010. Existing Club members will also have the opportunity to enter prize draws to win prizes such as a camcorder and digital camera.
