L&G expands Nouveau proposition

Sam Cordon

June 24, 2013

L&G has appointed First Mortgages Direct Limited, AFP Partnership and Springtide Capital Limited to its existing Nouveau proposition, taking the total count of firms that comprise Nouveau to seven.

They join the other four firms of Alexander Hall, London & Country Mortgages, SPF Private Clients and Stonebridge.

All firms are directly authorised by the regulator and sign up to strict criteria that sets them apart from many other firms in the market.

Nouveau was launched in anticipation of the tightening rules under MMR and lender requirements for top quality standards and strict risk controls.

Ben Thompson, managing director of the Legal & General Mortgage Club, said: “We are really pleased to have successfully invited these three firms to join Nouveau which gives a further boost to what is already, a very strong proposition.

“It is clear that lenders increasingly want top quality, low risk and loyal mortgage relationships of scale and that is exactly what Nouveau member firms bring.

“Aggregating volume is one thing but delivering lending to order in terms of quality is another.

“Much of this sector is now coming to terms with and seeing what this flight to quality all means and we continue to work closely with lenders to ensure we strive towards being the best as well as the biggest.

“Ultimately, it is these member firms that make this happen and we are really pleased with the joint progress we have made so far. I very much look forward to working closely with FMDL, AFP and Springtide Capital in order to make Nouveau bigger and better still.”

The Club currently holds a 27% share of the intermediated mortgage lending market, making it the number one Mortgage Club in the UK”.

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