Legal & General Mortgage Club has appointed Connect for Intermediaries as one of its recommended partners on its new referral service SmartrRefer.
Legal & General Mortgage club advisers will now be able to refer all mortgage cases to Connect for Intermediaries. This includes buy-to-let and complex portfolio cases; commercial, bridging, development, second charge, overseas and ex-pat mortgages as well as mainstream and non-standard mortgages.
Connect for Intermediaries is offering both a packager and a referral service so Legal & General Mortgage Club members will have access to over 140 lenders for referred cases and more than 60 lenders through Connect’s packager panel. Advisers will also have access to a large number of exclusive and semi-exclusive products, including rates and products they could not obtain by going direct to the lender.
Legal & General Mortgage Club members who use Connect as a packager will be paid 100% of commissions and will be paid within just three days of the money being received from the lender. Up-to-date commission rates can be seen clearly on Connect’s website. In most cases, Connect will not charge an offer or completion fee for a packaged case.
Where a broker refers a case to Connect, Connect will take full compliance responsibility for the advice to the client. Connect will pay the broker a share of the commission plus a share of any offer or completion fee charged to the client. The more cases a broker places with Connect, the higher the share of commission they will receive.
Connect for Intermediaries charge only £199 as an application fee but exclusively for Legal & General Mortgage Club members, will offer a reduced fee of £99 for the first application. The application fee is not charged until Connect has secured a decision in principle or initial commitment to lend from the lender.
Liz Syms, CEO of Connect for Intermediaries, said, “It is a great honour to be a trusted and recommended partner of Legal & General Mortgage Club and to be able to broaden the service that we provide to their members. Legal & General Mortgage Club members can now benefit from the whole range of mortgages and loans that we can provide across 140 lenders offering both specialist and mainstream using either the referral or packaging service.”
Craig Hall, head of broker relationships and propositions at Legal & General Mortgage Club said, “Connect for Intermediaries has proved to be a highly competent packager and master broker that has high standards across a wide area of mortgages and loans. They have passed our thorough due diligence process and have been selected as one of our SmartrRefer partners to aid advisers who may need that extra bit of assistance with specialist mortgage cases.”