Legal & General launches mortgage pilot with ING Direct

Legal & General Network is set to distribute ING Direct mortgages in a new pilot scheme, it has been announced.

Fixed, tracker and standard variable rate mortgages will become available through the firm as part of the short-term trial.

Ben Thompson, director of mortgages at Legal & General, said the firm was "really pleased" to be in a position to bring another new lender to its panel.

"It's part of our ongoing project to reinvigorate the UK lending market with lenders providing fresh impetus to the industry," he stated.

"We are working with ING Direct to expand volumes in a controlled, sensible way."

Julian Hartley, mortgage director at ING Direct, said the pilot would allow the firm to test the effectiveness of an alternative distribution channel for its homeowner products.

Last week, the Mortgage Works announced a number of improvements to its mortgage range, including the introduction of a 4.99 per cent lifetime variable managed rate product.

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2010-04-13 13:31:43 © Moneyextra.com