Legal & General Mortgage Club (LGMC) is launching a direct-to-lender proposition for second charge loans.
Leading up to the implementation of the Mortgage Credit Directive, LGMC launched a master broker referral panel to support intermediaries who wanted to discuss second charges with customers. The company is now expanding that service, allowing brokers who wish to directly advise to go straight to certain lenders.
The initial panel of lenders includes Precise Mortgages, Prestige Finance, Paragon Bank and United Trust Bank, with further lenders expected to be added over the next couple of months.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “In this post MCD environment, it is important for Legal & General Mortgage Club to provide members with a wider choice of products, including second charges. The launch of the direct-to-lender proposition very much sits alongside our existing master broker panel.
“Our proposition will now enable us to work with lenders and master brokers to develop new products and criteria for this market, increasing awareness of the opportunities, and providing a better outcome for customers.”
Darrell Walker, head of sales – second charge and commercial at OneSavings Bank, said: “We are very pleased to support L&G’s initiative to provide intermediaries with more choice and control when submitting second charge business through this new proposition. This can only enhance the benefits and merits of second charge mortgages whilst complementing our existing distribution channel.”