New residential and buy-to-let (BTL) affordability calculators from nine lenders. Improved user experience. New European Standardised Information Sheet (ESIS) and evidence of research functionality for BTL.
12 Jan 2023
Legal & General has announced the regeneration of its flagship tech tool SmartrFit, featuring new residential and BTL affordability calculators from nine leading lenders.
Legal & General has significantly expanded its affordability tool available through SmartrFit following partnerships with 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 Nottingham Building Society (also known as The Nottingham).
Hinckley & Rugby Building Society, Stafford Railway Building Society, Suffolk Building Society, Buckingham Building Society and Nottingham Building Society have also added BTL products to SmartrFit’s affordability calculator for the first time.
Additionally, Harpenden Building Society, Marsden Building Society, The Mortgage Lender, and Principality Building Society have added their residential products to SmartrFit’s affordability tool.
Crucially, Legal & General has also announced an overhaul of its tech offering, integrating all tech tools developed in the three years within SmartrFit, including SmartrCriteria.
SmartrFit is now a comprehensive mortgage research and product sourcing platform. Its features include:
This functionality is available for residential and BTL products. The criteria tool also features additional lending types.
Legal & General’s SmartrFit tool is free to use and can be accessed by 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. Advisers can request a demonstration of the new-look tool, here.
Jodie White, Head of Mortgage Products & Transformation, Legal and General Mortgage Services: “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.”
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
*as at HY 2023
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.13 million retail policyholders and workplace members.
In 2022, we had total individual annuity sales of £954 million, and issued £632 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 4.9 million members, while our Protection businesses gave peace of mind to more than 6.3 million UK life insurance, 1.8 million group and 1.5 million US customers, taking in £3.1 billion of gross written premiums.
*at 31 Dec 2022