L&G club’s DA brokers see business rise 33%

Legal & General has revealed that completions by its mortgage club\'s di-rectly authorised brokers were up 33% in Q1 2008 compared with the previous quarter.

L&G says that in light of current challenges, brokers are taking advantage of the club’s ability to provide better proc fees and exclusives.

Ben Thompson, mortgage director at L&G, says: “We’re all facing challenging circumstances this year, so to come through Q1 with DA firms’ completions up a third is an achievement.

“When their income streams are challenged, brokers appreciate being able to use our club to source mortgages because we can pay proc fees on exchange rather than on completion, thereby improving their cash flow.”

This comes on the back of reports that fellow mortgage club Premier Mortgage Solutions suffered a 20% fall in completions in Q1.