CHL Mortgages has announced a new distribution partnership with Legal & General Mortgage Club.
The move is the latest step in CHL Mortgages’ phased return to the market.
The intermediary-only specialist buy-to-let (BTL) lender stated that its addition of L&G Mortgage Club will significantly extend its distribution channel, and provide a greater proportion of the intermediary market with access to the lender’s product range.
L&G Mortgage Club, established in 1995, has facilitated over £668bn of mortgages and is involved in around one in three of all intermediated mortgage transactions in the UK. The club’s partnership with CHL Mortgages means it will now offer intermediaries access to mortgages from 102 lenders.
CHL Mortgages commercial director, Ross Turrell, commented: “L&G Mortgage Club is an absolute giant in terms of the breadth of its distribution and reputation across the intermediary market.
“It is a partner that always featured heavily in our plans but due to its sheer size and scale we had to carefully assess how and when we opened the doors to its members. This partnership shows the huge strides forward we have already made as a lender and there are many more exciting plans and announcements in the pipeline.”
L&G Mortgage Club head of lender relationships, Danny Belton, added: “It is pleasing to see an experienced lender like CHL Mortgages making its return to the BTL arena. We expect the partnership to open the door to a range of valuable mortgages suitable for limited companies, portfolio landlords and trading companies.
“Its team of experienced underwriters also leverage a manual underwriting approach, which will undoubtedly help our adviser partners to support borrowers with more bespoke borrowing needs. We look forward to working closely together as the partnership continues.”
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