View more on these topics

L&G to offer Metro Bank mortgages

Metro Bank logo

Legal & General Mortgage Club and L&G Network have signed a deal with Metro Bank to distribute its mortgage products as part of the lender’s ongoing strategy to target the intermediary market.

Metro Bank became the first wholly new bank to open in the UK in more than 100 years in June 2010 and initially its focus was on branch-based distribution, with the future use of intermediaries not ruled out.

In June, Metro Bank entered into a pilot scheme with John Charcol to distribute through intermediaries and subsequently partnered with Coreco, Charles Cameron and Springtide Capital in November.

Existing intermediary partners receive a 0.35 per cent proc fee regardless of the size of the loan. Metro Bank says proc fees for L&G brokers will vary, but refused to disclose any details.

While Metro ensures there is no dual pricing, clients must open a current account with each mortgage.

Commercial director Richard Saulet says the deal with L&G Mortgage Club shows the bank is “dedicated to building a long-term successful intermediary partnership”.

L&G Network head of mortgage products Martyn Smith says: “We are excited to be partnered with Metro Bank at a time when its products could have a positive impact on market growth.”

Coreco director Andrew Montlake says: “It is good news to see a lender like Metro extending its reach. L&G is very well respected and it is good move for both parties.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. No doubt L&G will soon knock this new lender into shape as is its usual practice of telling everyone how to run their own business. A partnership of unequal parts.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com