Legal & General Mortgage Club sees growth

Applications in May topped £4.2bn and completions rose to £3.13bn - the highest figures of 2014 to date.

Stephen Smith, director, Legal & General Mortgage Club and Housing, said: “The fact that the MMR hasn’t seen any noticeable drop off in the levels of applications and completions shows that concerns around a ‘drag effect’ caused by MMR are largely unfounded.

“It also serves as an emphatic endorsement of the processes and practices put in place by Mortgage Club members and lenders to ensure a smooth transition to the new rules.

“Many were expecting MMR to slow down the market, but our figures show that this isn’t actually the case.”