Legal & General Mortgage Club releases strong results

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Legal & General Mortgage Club releases strong results

Legal & General announced today that £26 billion worth of mortgages went through its Mortgage Club last year, a share of almost one in every ten pounds lent to homeowners through an intermediary.

The Legal & General Mortgage Club specialises in negotiating exclusive products with its lender partners and currently has over 10,000 members.

Half of all mortgages through Legal & General were fixed rates in January, although this was down from two-thirds in October last year.

Ben Thompson, mortgages director at Legal & General, said a "higher than expected" proportion of people may be choosing the security of a fixed-rate mortgage because rising bills and household costs over the last four years has contributed "to a nervousness amongst borrowers about their debt to income ratio".

He added that company did not intend to be "held back" by a slowing housing market after last year's "healthy" figures.

The Royal Institution of Chartered Surveyors announced yesterday that its house price balance had dropped for the sixth consecutive month.
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