Legal & General Mortgage Club has partnered with technology firm Twenty7Tec to provide brokers with a second charge sourcing solution.
This follows last week’s news that Legal & General Mortgage Club has launched a new direct-to-lender proposition for second charge loans.
Twenty7Tec’s MortgageSource system is available for all club members and will include and compare both first and second charge loans.
The software will will identify the best cost option for the client by comparing lender products for the whole of the outstanding existing mortgage, including a second charge or alternative lender re-mortgage.
It will also allow intermediaries to obtain documentary evidence of their research, which they can pass to their clients if required. Under the Mortgage Credit Directive (MCD), brokers are obliged to do this if the information is requested by the borrower.
Jeremy Duncombe, director, Legal & General Mortgage Club said: “Twenty7Tec have further enhanced their credentials by being the first of the large technology providers to deliver a sourcing solution that compares both first and second charge loans.
“This system will aid brokers in giving better advice to their customers by helping to establish what the best solution for their needs may be.
“We are looking forward to working closely with them and delivering added value to our brokers.”
James Tucker, managing director, Twenty7Tec added: “Twenty7Tec is very pleased to have been selected by Legal & General Mortgage Club to provide their intermediaries with a tailored version of MortgageSource, which enables them to compare mortgages and second charge loans in order to identify the best cost option for their clients when they wish to raise capital.”