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Legal & General’s SmartrFit tool adds six lender affordability calculators
The platform has added six buy-to-let affordability calculator tools and one residential affordability calculator.
19 May 2023
Legal & General has today announced the addition of six new buy-to-let rental calculators, and one new residential affordability calculator, to its leading tech tool, SmartrFit.
Legal & General has significantly expanded its range of tools accessible through SmartrFit following partnerships with CHL Mortgages, Zephyr Homeloans, Cambridge Building Society, Family Building Society, Accord Mortgages and Marsden Building Society.
SmartrFit integrates affordability calculators, client criteria, product sourcing, and property checking functionality, to help advisers find solutions for their clients within minutes. SmartrFit’s product sourcing tool also provides brokers with the ability to download compliant documents, including ESIS and Evidence of Research.
Legal & General’s SmartrFit tool is free to use and can be accessed by all advisers, 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 tool here.
Jodie White, Head of Mortgage Products & Transformation, Legal and General Mortgage Services: “We are thrilled to welcome six new lenders to SmartrFit. The collaboration is just another way that we are using technology to support brokers in our fast-paced market.
“Ultimately, our goal is to highlight the wide-ranging benefits that introducing technology can bring to the mortgage industry. The time saved by brokers using integrated technology allows them to spend more time advising their clients. Our partnership with these lenders will bring real value to our users.”
Ian Cunningham, Corporate Account Manager, Accord Mortgages: “Working with Legal & General to get our buy-to-let rental calculator within SmartrFit means we can add further support for brokers, so they can see not only our buy-to-let criteria but what we will lend to their buy-to-let landlord clients. The use of mortgage research tools is key in helping advisers work efficiently in the mortgage market today.”
Further information
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.
In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.