Lending volumes top 18bn at L&G

The Legal & General Partnership says that since Mortgage Day, it has seen lending volumes of 18.5bn.

L&G went through a huge transformation pre-Mortgage Day to ensure its firms had enough compliance support to be able to trade successfully in the regulated environment.

A risk-based technology system featured heavily in this, designed to help advisers meet regulatory and reporting requirements. So far, over 250,000 customers have been advised using a point-of-sale system introduced for M-Day.

Graham Newitt, managing director of intermediary solutions at L&G, says: “We believe that by working closely with lenders and listening to advisers we can develop products that match customers’ requirements.

“A challenge for lenders now is to aggregate their acceptance in principle systems. This would help customers and advisers explore their options from one source.”

He adds: “The life and general insurance markets have supported these consolidated services for some time providing real time, accurate illustration information to portals and other service providers. The mortgage industry must do the same. It is not viable to expect users to visit individual websites for all this information.

“Placing property on the market at a realistic price would bring benefits all round and help stimulate the housing market.”