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Legal & General mortgage club arranged £26bn worth of mortgages in 2007

Legal & General mortgage club arranged almost £26bn worth of mortgages in 2007, up 16 per cent from the previous year.

The club now has over 10,000 members.

L&G mortgages director Ben Thompson says: “Our figures for last year look very healthy and we don’t intend to let a slowing market hold us back in 2008. To know that over ten per cent of intermediated mortgages come through our Mortgage Club is a great achievement.”

One in two mortgages through Legal & General were fixed rates in January, down from two-thirds in October last year.

Thompson adds: “Council tax, utility bills and household costs have risen by more than a third in the past four years contributing to a nervousness amongst borrowers about their debt to income ratio. This has resulted in a higher than expected proportion choosing the security of a fixed rate mortgage.”

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