L&G launches mortgage criteria and affordability tool

Legal & General has launched a new mortgage criteria search tool and affordability calculator, SmartrFit.
Combining L&G’s own mortgage search criteria tool, SmartrCriteria, and a new affordability calculator, results from SmartrFit will inform advisers which lenders match their clients’ particular circumstances, and the maximum loan amount they would offer.

The lender indicated that the tool utilises lenders’ own affordability and lending criteria, helping advisers find the right products quickly and accurately.

SmartrFit will also carry out 11 criteria checks as it calculates affordability to determine whether a particular lender matches the borrower’s requirements. Advisers will be able to further refine suitability by inserting additional criteria of their choice, allowing them to see why a particular lender was a match.

The tool will first launch for residential mortgages, with buy-to-let mortgages following early next year, L&G confirmed.

“The pandemic has created a lot of uncertainty for advisers as lending requirements and criteria have drastically changed,” commented L&G Mortgage Club director, Kevin Roberts. “Advisers want accurate tools they can trust to help them provide the best service to their clients and provide quick outcomes for them.

“Technology has the power to change our market for the better. Tools like SmartrFit will help to create operational efficiencies for our market, while giving advisers and lenders valuable insights and data to help improve the services they provide.”

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