Legal & General launches HIP panel

Legal & General launches HIP panel

Legal & General has launched a Home Information Pack (HIP) service for directly authorised users of its Mortgage Club, offering IFAs a new revenue stream. Advisers will have a greater opportunity to fully service their clients, and thereby increase the value per client, by recommending a panel of HIP providers with quick turnaround times.

Ben Thompson, Director, Mortgages at Legal & General said: “Direct channels are trying to wrestle clients away from advisers like a dog with a bone. We want to offer IFAs a chance to fight back and to be more than just a broker. Our aim is to let IFAs have a bigger say in their client’s welfare and the opportunity to provide a broader service. We want IFAs to realise that they don’t need to play second fiddle.

“With the imminent changes to first day marketing rules, fast turnaround times for HIPs will be paramount. The house purchase market will come back at some point and the demand for HIPs will therefore increase. We are ideally placed to continue to expand the services that we offer around the whole housing transaction and this move to provide HIPs to IFAs is a natural next step.”

From 6 April, a seller will need to have certain mandatory HIP documents in place before they can start to market their property.

Legal & General’s HIP panel comprises My Home Information Pack, Live, Ehips and Mysalepackplc. Advisers can choose which company they want to use according to their business model and client needs. Advisers can set their own referral fee within certain parameters, again to suit their model and individual clients.

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