The club also saw record first quarter completions of £12.5bn – up 33% on the same period in 2015.
A buoyant intermediary market and a surge in buy–to-let transactions ahead of the stamp duty rise have been attributed to the rise.
L&G added that Q1 has seen the perfect growth conditions of strong demand, good lender supply and a number of new lenders coming to market.
Jeremy Duncombe, Director, Legal & General Mortgage Club, said:
“The market has carried on in Q1 where it left off in 2015, and intermediaries continue to react brilliantly to meet the demands of customers. This is a fantastic start to the year for Mortgage Club, and Legal & General remains the go-to choice for lenders and brokers alike.
“Whilst we expect the market to continue to be strong for the rest of the year, there are a number of potential headwinds to be aware of. Further changes to buy-to-let as the PRA consults on tighter lending rules could undermine confidence in the market, whilst uncertainty caused by the EU referendum, fears over global stability and the relatively fragile nature of the economic recovery mean that brokers shouldn’t be complacent. Brokers need to ensure that they have a holistic offering, including remortgage, customer retention, second charges, and later life lending. That will deliver a robust business model that is able to adapt as the market evolves and new challenges arise."
