Legal & General Mortgage Club celebrates 15th anniversary

Legal & General Mortgage Club is launching a campaign to celebrate its 15th anniversary and the GBP 200bn of mortgage applications it has received from members.

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 said the network 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) GBP 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.

The Legal & General Mortgage Club Awards, which will be ten years old in 2010, recognise lender activity over the year and are voted for by member mortgage brokers. Mortgage Club lenders are rated against a series of criteria including products, service, sales and marketing as well as the best lender for intermediaries. In addition to the awards for lenders, awards are presented to members of the Club to recognise their performance in the mortgage market.