£26 billion of mortgages through Legal & General Mortgage Club

The Legal & General Mortgage Club was responsible for arranging almost £26 billion worth of mortgages in 2007, up 16% from the previous year.

This means that almost one in every ten pounds lent to homeowners through an intermediary last year went through the Mortgage Club.

Ben Thompson, Mortgages Director at Legal & General said: “Our figures for last year look very healthy and we don’t intend to let a slowing market hold us back in 2008. To know that over ten per cent of intermediated mortgages come through our Mortgage Club is a great achievement.”

One in two mortgages through Legal & General were fixed rates in January, albeit down from two-thirds in October last year, which is a high proportion for a falling interest rate environment.

Ben Thompson added: “Council tax, utility bills and household costs have risen by more than a third in the past four years contributing to a nervousness amongst borrowers about their debt to income ratio. This has resulted in a higher than expected proportion choosing the security of a fixed rate mortgage.”