Legal & General Mortgage Club has launched a high net worth lending service to allow brokers to source funding up to £50 million for their clients. All lending is arranged on a case-by-case basis and is tailored to each client’s individual needs. Legal & General’s high net worth lending panel includes specialist lending units within high street banks, private banks and boutique lenders.
Ben Thompson, Director, Mortgages at Legal & General said: “There’s evidence that there is no real shortage of buyers interest for prime property in London and beyond because of reduced prices and an advantageous exchange rate. There also however appears to be a shortage of properties for sale, which is generating competition amongst potential purchasers and we feel that the time is right to start offering a high net worth lending service.
“Again we’re showing that the Legal & General Mortgage Club is not just a place to come for standard products. So far this year we have added a personal loans service, expanded our commercial finance service and now added a high net worth lending service. We’re offering highly competitive terms and top procuration fees on exchange.”
Legal & General expects that the addition of high net worth lending will be an opportunity for more advisers to generate business in the form of referrals, and cross sales and that it will attract more top-end brokers. This new service also provides lending for lower mortgage advances which are highly in demand as well.
