Legal & General takes 25% mortgage market share in 2012

Legal & General has claimed a 25 per cent share of the UK mortgage market in 2012, up from 20 per cent in 2011, according to its preliminary results.

The group’s preliminary results, published today, show L&G facilitated lending of £18.86bn last year, between its network and mortgage club, and was responsible for one out of every eight mortgages in the UK. The £18.86bn of mortgage business in 2012 was a 20 per cent increase on the year before.

Members of the network accounted for £6bn in mortgage lending while the mortgage club accounted for the remaining £12.86bn of mortgage business.

Combined network and mortgage club protection sales rose 15 per cent to reach £151m, up from £131m in 2011, and gross premiums were up 4 per cent from £914m to £947m over the same period. More than 50 per cent of these applications were not linked to a mortgage.

Legal & General Mortgage Club managing director Ben Thompson says: “In a year that saw little growth in gross lending, this is a very strong increase and reflects a number of deliberate strategic objectives, one of which was to align with strong, loyal and successful mortgage intermediary firms. As always we recognise that it is our club members that have recorded this growth and it is their hard work, sheer determination and application that deliver our success.”

Gross mortgage lending in the UK amounted to £143bn in 2012, according to figures from the Council of Mortgage Lenders.