All TMTG’s mortgage business, including the Vision Network, will be routed through L&G’s mortgage club.
The combined group will have over 10,000 members responsible for £22bn of lending – around 15 per cent of the market – and will be operational within two weeks.
L&G head of mortgages Ben Thompson says: “This is two strong distributors standing together offering advisers a complete package. This feels like the first significant move in distribution and it is structured in the right way.
“We are providing certainty on the mortgage club side of TMTG’s business, allowing it to concentrate on building on other activities such as its network proposition.”
All commission will be paid by L&G and TMTG says this deal will put an end to its recent commission backlog problems.