The panel features ten lenders including NatWest, Virgin and Precise and will offer access to exclusive products, criteria and service. It is currently available to an exclusive panel of 18 Legal & General Mortgage Club member firms, but this will be regularly reviewed to support other new build specialist brokers. Demand for new build properties has increased recently hitting the highest level since the financial crisis, particularly following the launch of Help to Buy 1 last year.
The launch of Legal & General’s panel comes as smaller lenders such as Leeds BS and Skipton BS are now offering a greater range of products to those buying new homes, boosting consumer choice and complementing larger lenders such as Halifax, Nationwide and Santander. Woolwich and Aldermore are also the only 2 lenders to offer a 95% LTV product available through Help to Buy 2 which can be used to purchase new build properties.
Jeremy Duncombe, Director at Legal & General Mortgage Club said:
“Our new build panel is designed to support the new build sector and by extension, the wider housing market and it is exciting to see lenders offering more new build products via our panel. It will be vital to the recovery of the housing market that a greater number of new homes are built to ensure the stability of the market and keep prices affordable. This needs to be matched with continued innovation from lenders so people can access the finance needed to buy these homes. Having smaller, more specialised lenders alongside the traditional new build lenders will create greater choice which can only benefit borrowers.”
