L&G Mortgage Club announces partnership with Money Portal

Legal & General has entered into a new partnership with the Money Portal (MP) to offer its independent financial advisers access to Legal & General's mortgage club. The club has a panel of 35 mortgage lenders for advisers to use and offers exclusive products as well as payment of proc fees on exchange rather than completion.

Ben Thompson, Director of Mortgages at Legal & General said: "Legal & General Mortgage Club will offer MP's 1800 members greater choice, better value and improved cash flow because we pay proc fees on exchange. This partnership is one of a number of moves that we are making to work even more closely with major, high quality distributors and will contribute to our overall objective of growing the mortgage club against a shrinking mortgage market."

Jason Chapman, Head of Business Development for MP said: "The mortgage market is focused on volume and a wealth management business such as ours does not carry the same weight in mortgages that it carries in the asset/product arena. My requirement for all MP mortgage brokers is that they continue to have Whole of Market access and market leading products. Whilst we will retain our own mortgage service within MP, our core business continues to be wealth management and the provision of wider financial advice, and we are keen to deliver the strongest possible strategy in this regard. With that said, we absolutely recognise that mortgages remain a central part of financial advice and it is vital that we offer our members the best possible choice at this time to ensure we maximise opportunities in this market. We have therefore decided to recommend Legal & General Mortgage Club alongside our own service in order to provide our members with a strong and credible option that enables choice, good products, longevity and financial strength."

Legal & General has one of the biggest mortgage clubs in the country which acts as a one-stop-shop for mortgage advisers to access lenders. With over 10,000 members who are either directly authorised or appointed representatives of the mortgage network, the Legal & General Mortgage Club has the weight to negotiate the best exclusive deals with lenders.