The Legal & General Mortgage Club completed £4.7bn in March, the highest monthly number in the club’s 21-year history.

It also reported record first quarter completions of £12.5bn, up 33% on the same period in 2015.

It cited a buoyant intermediary market and a surge in buy–to-let transactions ahead of the stamp duty rise.

Jeremy Duncombe (pictured), director of Legal & General Mortgage Club, said: “The market has carried on in Q1 where it left off in 2015, and intermediaries continue to react brilliantly to meet the demands of customers. This is a fantastic start to the year for Mortgage Club, and Legal & General remains the go-to choice for lenders and brokers alike.

“Whilst we expect the market to continue to be strong for the rest of the year, there are a number of potential headwinds to be aware of. Further changes to buy-to-let as the PRA consults on tighter lending rules could undermine confidence in the market, whilst uncertainty caused by the EU referendum, fears over global stability and the relatively fragile nature of the economic recovery mean that brokers shouldn’t be complacent.”