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L&G Mortgage Club sales grow 15%

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Legal & General Mortgage Club has reported a 15 per cent increase in sales to £46bn in 2015.

The club now has over 6,000 broker members and estimates it is part of one in five of all UK mortgage transactions.

Legal & General Group chief executive Nigel Wilson, said: “The £46bn of mortgage sales is an outstanding result for my colleagues in Legal & General’s Mortgage Club. Mortgages are one of the many ways we are helping to house our customers.

“At Legal & General we are investing to create new assets in many areas including housing and urban regeneration. We recently announced our £600m partnership with PGGM to build 3000 private rented homes, are putting £400m into Cardiff to help regenerate the city and deliver 10,000 jobs, and have invested £1.5bn in over 17,000 student flats across the UK.

“Unless we invest in the new, we risk moving into a world of zero’s, including zero wage growth, productivity and inflation. This is not the outcome we want for the UK.”

Legal & General Mortgage Club is part of the company’s Housing Partnerships Division, which includes Legal & General Surveying Services which managed over 490,000 mortgage valuations and surveys in 2015, and Insurance which provides protection products for homeowners, tenants and landlords.

Legal & General’s director of housing partnerships Stephen Smith added: “The intermediary mortgage lending market delivered exceptional growth in 2015. Intermediaries and brokers have a unique understanding of the market and can offer a broader and better range of products than are available on the High Street, which is great news for customers.”

Legal & General’s Lifetime Mortgage business recently announced over £200m of equity release completions in its first year of operation.

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