Legal & General has announced a revamp of its SmartrFit tool and added new residential and buy-to-let (BTL) affordability calculators from nine lenders.
The SmartrFit tool provides free access to all advisers using a Legal & General agency number, including Legal & General Mortgage Club members, or via third parties including SimplyBiz Mortgages, One Mortgage System, and Smartr365.
Legal & General confirmed the nine new lenders include Harpenden Building Society, Principality Building Society, Hinckley & Rugby Building Society, The Mortgage Lender, Stafford Railway Building Society, Marsden Building Society, Suffolk Building Society, Buckinghamshire Building Society and The Nottingham.
In the case of Hinckley & Rugby, Stafford Railway, Suffolk, Buckinghamshire and The Nottingham, each has added BTL products to SmartrFit’s affordability calculator for the first time. L&G confirmed that Harpenden, Marsden, The Mortgage Lender, and Principality have each added their residential products to SmartrFit’s affordability tool.
Furthermore, L&G has overhauled its tech offering by integrating all tech tools developed in the three years within SmartrFit, including SmartrCriteria. The group stated that SmartrFit is now a “comprehensive mortgage research and product sourcing platform”, with features including a criteria tool formerly known as SmartrCriteria, an affordability calculator, product sourcing, as well as a property checker tool.
Head of mortgage products and transformation at Legal and General Mortgage Services, Jodie White, said: “We are delighted to mark the third anniversary of the launch of our tech offering with a significant package of new features, setting up our fantastic community of users for an even better new year. The mortgage market has moved quickly, so it’s only right that the tech tools used to support it also see the same rate of development.
“Technology will only grow in importance in our industry, and this is just the beginning of our offering. Further tech innovation will be crucial in 2023 to improve the mortgage journey and to allow stretched advisers to best meet demand from borrowers. We look forward to introducing new modifications and inventions in the coming months, ensuring SmartrFit users have the tech of tomorrow today.”
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