The £2.486bn of mortgage business is the largest monthly amount written by members since the club was launched in 1995. This has been achieved despite the gross lending market being at less than half the level it was at its peak in 2007.
In 2007, gross mortgage lending in the UK reached £363 billion and fell to a staggeringly low £135 billion in 2010 as the credit crunch and recession hit hard. The Council of Mortgage Lenders forecasts £156 billion gross mortgage lending for this year.
Ben Thompson, MD, Legal & General Mortgage Club says:
“These figures are hugely encouraging and represent a significant achievement for everyone associated with Legal & General Mortgage Club. The success has been built on the loyalty and hard work from all of our key business partners and lenders. Our focus now is to continue the upward trajectory of the Club and provide the excellent service to lenders, brokers and consumers that has helped as build such a strong market position. It is nice to be discussing improving market conditions and growing consumer confidence in some parts of the country following a few very difficult years for many.”
