L&G mortgage club reports record figures

The Club has seen both completions and applications rise since the beginning of the year dispelling the myth that the MMR has affected the intermediary mortgage market.

Jeremy Duncombe, director, Legal & General Mortgage Club, said: “These fantastic figures show that intermediaries have not only adapted but thrived through the introduction of MMR.

“Approval numbers may have fallen in the wider market, however, intermediaries have continued to grow and increase their market share.

“These figures show that advisors have capitalised on the opportunity presented by falling approvals in retail channels.

“As the regulatory burden increases and capacity contracts, lenders are recognising the value and quality of intermediary suppliers more and more.

“Our completions are up 64% on the same period last year, and with new lenders such as the Post Office entering the market advised business looks likely to continue growing.”