The Post Office to distribute through brokers
In conjunction with the Bank of Ireland the range will initially be available for Legal & General’s appointed representatives, then for Nouveau firms – Alexander Hall, First Mortgage Direct, London & Country, Savills, Springtide Capital and Stonebridge – followed by directly authorised firms.
The exclusive arrangement brings Post Office mortgages to the intermediary market for the first time and will help to consolidate Legal & General’s position as the largest mortgage distributor in the UK.
The range will include products aimed at first time buyers, movers, those looking to remortgage and buy-to-let borrowers and will be supported by Legal & General Mortgage Club’s payment on exchange facility.
Jeremy Duncombe, director, Legal & General Mortgage Club, said: “Legal & General and the Post Office are both large and respected brands that complement the Bank of Ireland’s intermediary heritage very well.
“We are therefore delighted to bring a new lender to market exclusively for our intermediary partners.
“We increased our completions by 74% in Q1 2014 compared to the same period last year, so we feel that there is still capacity in the market for a lender who offers a competitive and wide range of products.
“It is great to see that the Post Office recognises the value of the intermediary market in its growth plans, and we are delighted to be the “go to” distributor for new lenders entering or returning to the intermediary market.”
Alison Pallett, mortgage product director at Bank of Ireland added: “We are excited to be bringing the Post Office Mortgage brand to the intermediary market.
“Legal & General is an excellent launch partner and we are looking forward to working together to build a reputation for offering competitive products that are backed by great service.”