L&G Mortgage Club to offer direct-to-lender seconds

The initial panel of lenders includes Precise Mortgages, Prestige Finance, Paragon Bank and United Trust Bank, with further lenders expected to be added over the next couple of months.

Jeremy Duncombe, Director, Legal & General Mortgage Club, said:

“In this post MCD environment, it is important for Legal & General Mortgage Club to provide members with a wider choice of products, including second charges. The launch of the direct-to-lender proposition very much sits alongside our existing Master Broker panel. Our proposition will now enable us to work with lenders and Master Brokers to develop new products and criteria for this market, increasing awareness of the opportunities, and providing a better outcome for customers.”

Darrell Walker, Head of Sales - Second Charge & Commercial, OneSavings Bank, added:

“We are very pleased to support L&G’s initiative to provide intermediaries with more choice and control when submitting second charge business through this new proposition. This can only enhance the benefits and merits of second charge mortgages whilst complementing our existing distribution channel.”

Alan Cleary, Precise Mortgages’ Managing Director, commented:

“It’s great news that Legal & General Mortgage Club is now offering their members direct access to our second charge products. Second charge lending is a growing market with excellent opportunities for mortgage intermediaries. The FCA states that they expect the vast majority of second charge sales to be on an advised basis – this is undoubtedly an area where intermediaries excel.”