Legal & General Mortgage Club has partnered with Twenty7Tec to provide brokers with a second charge sourcing solution.
This comes after the launch of the club’s new direct-to-lender proposition for second charge loans.
Twenty7Tec’s MortgageSource system is available for all Legal & General Mortgage Club members and will include and compare both first and second charge loans. It will also 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 for the whole amount.
The software will also allow intermediaries to obtain documentary evidence of their research, which they can pass to their clients if required. Under the rules set out by the Mortgage Credit Directive (MCD), brokers are obliged to do this if the information is requested by the borrower.
Jeremy Duncombe (pictured), director of Legal & General Mortgage Club, said: “Twenty7Tec have further enhanced their credentials in the mortgage market 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 of 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.
“We look forward to working closely with Legal & General in the future, designing accurate and efficient sourcing solutions for their customers.”
