Legal & General Network has agreed a pilot with ING Direct to distribute its range of mortgage products, initially to appointed representatives of the network.
The product range includes fixed, tracker and standard variable rate mortgages. It offers a two-year fixed rate at 3.04%, up to 60% LTV with a £945 product fee and a two-year tracker mortgage at 2.49% (variable) up to 60% with a £795 fee.
Ben Thompson, director of mortgages at Legal & General, says: “We’re really pleased to be in a position to bring another new lender to our panel, particularly one as innovative as ING Direct. It’s part of our ongoing project to reinvigorate the UK lending market with lenders providing fresh impetus to the industry.
“This is only a pilot at this stage and we are working with ING Direct to expand volumes in a controlled, sensible way. The quality of the business and additional distribution were key attractions for ING Direct.”
Julian Hartley, mortgage director at ING Direct, says this does not mark a full launch into the broker market.
He says: “We have been successful offering our range of competitive products to UK customers that are happy going direct but this pilot allows us to test the effectiveness of an alternative distribution channel.
“Whilst we are making our products available to Legal & General’s appointed representatives, this is very much a pilot and not a full launch into the intermediary market.”