Press releases

Legal & General Mortgage Club posts record March figures with £4.7bn in completions, Q1 up 33% on 2015

Jeremy Duncombe

Jeremy DuncombeThe Legal & General Mortgage Club delivered a record month in March, with completions of £4.7bn, the highest monthly number in the club’s 21 year history. The achievement comes on the back of a strong start to the year, with record first quarter completions of £12.5bn – up 33% on the same period in 2015.

A buoyant intermediary market and a surge in buy–to-let transactions ahead of the stamp duty rise have strengthened the Mortgage Club’s leading position as the largest mortgage distributor in the UK. Legal & General Mortgage Club is involved in more than one in five of all mortgage transactions in the UK.

Q1 has seen the perfect growth conditions of strong demand, good lender supply, a number of new lenders coming to market and a buy-to-let industry rushing to beat the stamp duty deadline.

Jeremy Duncombe, Director, Legal & General Mortgage Club (photo) said: “The market has carried on in Q1 where it left off in 2015, and intermediaries continue to react brilliantly to meet the demands of customers. This is a fantastic start to the year for Mortgage Club, and Legal & General remains the go-to choice for lenders and brokers alike.

“Whilst we expect the market to continue to be strong for the rest of the year, there are a number of potential headwinds to be aware of. Further changes to buy-to-let as the PRA consults on tighter lending rules could undermine confidence in the market, whilst uncertainty caused by the EU referendum, fears over global stability and the relatively fragile nature of the economic recovery mean that brokers shouldn’t be complacent. Brokers need to ensure that they have a holistic offering, including remortgage, customer retention, second charges, and later life lending. That will deliver a robust business model that is able to adapt as the market evolves and new challenges arise.”

ENDS.

 


For further information please contact:

Alyson Bowcott

Alyson Bowcott
PR Manager, Legal & General Group

t: +44 (0) 20 3124 2092
m: +44 (0) 7764 582574
e: alyson.bowcott@landg.com
 

Richard King

Richard King
Head of Group Corporate Communications

t: +44 (0) 2031 242095
m: +44 (0) 7515 324001
e: richard.king@group.landg.com

 

Notes to editors:

LEGAL & GENERAL GROUP PLC:

Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.9bn (as at 31 December 2015) and is responsible for investing £746bn worldwide (as at 31 December 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2015, Legal & General's operating profit (on the IFRS basis) was £1,455m and adjusted earnings per share were 18.58p for the period, an increase of 14% and 11% respectively.

For more information on Legal & General, please see http://www.legalandgeneralgroup.com/

FORWARD-LOOKING STATEMENTS:

This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General’s control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General’s actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.

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