The industry is bracing itself against the prospect that thousands of mortgage holders will emerge from government furlough schemes in September as vulnerable clients due to the pandemic. "We have Covid, we have people coming off mortgage holidays and a number of people coming off furlough in September. We are going
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st June 2021 9:09 am
CHL Mortgages has been appointed to the Legal & General Mortgage Club panel, after returning to the buy-to-let market earlier this month.
The intermediary-only specialist lender says the partnership “will significantly extend CHL Mortgages distribution channel and provide a greater proportion of the intermediary market with access to the lender’s product range”.
Established in 1995, the Legal & General Mortgage Club is the largest and longest-running network of its kind in the UK. It says it involved in nearly one in five of all UK mortgages and nearly one in three of all intermediated mortgages.
The addition of CHL Mortgages to the club’s panel, gives its members access to products from 102 lenders.
Legal & General Mortgage Club has completed an API led integration with Kensington Mortgages, allowing advisers using its SmartrFit tool to access criteria and lending options from the lender through open banking technology.
SmartrFit has also added Ipswich Building Society and Metro Bank to its panel. The recent additions mean SmartrFit now provides over 92% market access for residential searches to its users.
Clare Beardmore, head of mortgage transformation and operations at Legal & General Mortgage Club, said: “The importance of having access to a diverse range of lenders has been brought into sharp focus over the past year as advisers process a greater number of complex cases in the wake of the pandemic.
Borrowers who only focus on mortgage interest rates leave themselves open to almost £11,000 in unexpected costs if they fail to consider other factors, such as exit fees, according to research from Legal & General Mortgage Club. It says a homeowner who locks into a five-year fixed-rate £250,000 mortgage, but
Mortgage borrower’s “fixation with mortgage interest rates is leaving them susceptible to thousands of pounds in unexpected costs”, research from Legal & General Mortgage Club has found.
The research shows that most borrowers overlook the impact of factors like early repayment charges (ERC) when seeking a new mortgage.
Legal & General Mortgage Club found that nearly two-thirds (63%) of borrowers consider the interest rate to be the most important factor in deciding their next mortgage.
However, the Club found that some borrowers could face thousands of pounds in extra costs if they wish to move to a new product before their existing fixed term ends.