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L&G enters new mortgage partnership
Fri, 24 Oct 2008
Legal and General has entered into a new partnership with the Money Portal (MP) to help make its mortgages more widely available.

The deal will see the lender offering its mortgage club deals through MP's independent financial advisers .

Ben Thompson, director of mortgage at Legal and General, said: "This partnership is one of a number of moves that we are making to work even more closely with major, high quality distributors."

The plans will see the mortgage club expand against the backdrop of a shrinking market, he added.

As a result of the deal, MP's 1,800 members will have a greater choice of mortgage deals and will also be able to improve their cash flow because the lender pays procuration fees on exchange .

Yesterday, Louise Cuming, head of mortgages at Moneysupermarket.com, welcomed Gordon Brown's attempts to lower repossession rates.

According to the expert, it was nice to hear Mr Brown "reiterating the spirit" of the Financial Services Authority's guidelines.

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