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L&G Mortgage Club sets record high for completions

L&G Mortgage Club achieved £7.5bn in mortgage completions in October, the highest in its history.

The previous record of £7.1bn was set in October 2018.

In the year to October lending facilitated by the club reached £64.3bn, an increase of 6% year-on-year.

Kevin Roberts, director of Legal & General Mortgage Club, said: “We are in a highly competitive mortgage market that has seen lenders widen criteria and drop rates to compete for business.

“This environment has meant borrowers need to rely on the value of advice more than ever and advisers have reacted brilliantly to meet these demands. It is fantastic to see that Legal & General Mortgage Club remains the go-to choice for lenders and advisers alike.

“A thriving mortgage market is encouraging but in order for this to continue it is important that advisers do not get complacent.

“Advisers need to ensure they have a holistic offering catering to the changing customer demographics, this will help to deliver a robust business model that is able to adapt as new challenges arise.”

The club has over 5,750 club members registered with SmartrCriteria.