Mortgages 

L&G Mortgage Club adds second charge lender to panel

L&G Mortgage Club adds second charge lender to panel

Legal & General Mortgage Club has added Central Trust to its specialist panel, offering members access to the lender’s second charge offerings.

The addition brings the number of second charge lenders on the panel to a total of seven.

Danny Belton, head of lender relationships at Legal & General Mortgage Club, said while the second charge market remained comparatively small, he had seen an increase of sales volumes through 2018 as more mortgage advisers considered the sector when talking to customers about refinancing.

He added: "The welcome addition of Central Trust to our panel gives our members further choice for them and their customers in this growing market sector."

Figures released by the Finance and Leasing Association (FLA) in October showed the second charge mortgage market had continued to grow, with new business sitting at more than £1bn in the 12 months to August.

The growth is despite concerns from the Financial Conduct Authority over lending practices, with the regulator finding "significant issues" in the second charge lending market earlier this year.

In its review, the regulator told all firms providing the service to review their practices.

Shane Tibbitts, head of partnerships at Central Trust, said: "Legal & General Mortgage Club has vast experience and influence in all areas of mortgage lending and we are proud to join their lender panel.

"Their team of support managers in Barnsley complement our own dedicated direct-to-lender business development executives, who work with all club members and package the loan application on the broker’s behalf.

"We have a very simple process, flexible underwriting and with over 30 years of secured loan lending behind us, plenty of knowledge of how best to help."

rachel.addison@ft.com

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