Press releases
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 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