12 Oct 2020
Darlington Intermediaries and Legal & General have today announced the launch of an enhanced affordability calculator that will be available on the lender’s website. The system is powered by technology from Legal & General and will help to drive operational efficiencies for both the lender and advisers.
The new calculator reviews borrower affordability, but Legal & General technology cross-references this information against a selection of Darlington’s lending criteria, including maximum loan amount and minimum property valuation. Advisers are provided with a quick decision which meets key criteria, saving valuable time at what is a very busy period for the mortgage market.
The new tool also brings additional benefits for Darlington Intermediaries, providing insight and intelligence into where demand currently lies in the mortgage market and the types of borrowers that advisers are seeking solutions for. This data is then played back to the lender, allowing them to identify areas of opportunity, which they can then feed into product development plans.
Kevin Roberts, Director, Legal & General Mortgage Club: "Creating a more seamless mortgage journey has clearly never been more important for our sector than it is today. The mortgage market is experiencing unprecedented demand from borrowers and with ever-changing product criteria, advisers want quick decisions to find out if a lender is able to help their client.
At Legal & General we think technology is absolutely critical to creating this streamlined mortgage process and this enhanced affordability calculator we’ve developed will help to drive operational efficiencies for Darlington Intermediaries, while providing valuable market insight for the lender’s future plans. At the same time, our technology will help the lender to provide those quick decisions advisers want, so they can spend more time concentrating on what matters most to them – building strong client relationships and delivering valuable advice to their customers."
Darren Ditchburn, Chief Customer Officer: "We are delighted to have partnered with Legal & General in the development of an innovative affordability calculator. We know how precious time is to advisers and believe this will enable a quick and effective sense-check ahead of submitting a full enquiry. The fact the calculator also filters with sections of our lending policy leads to a better and more accurate decision, a slicker experience and most importantly saves time for advisers.
From a Society perspective, this will drive greater efficiency within the Darlington Intermediaries team, allowing us to spend more time working in partnership with advisers to find the right personalised solution for aspiring and existing homeowners."
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 a third is international. We also provide powerful asset origination capabilities. Together, these 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. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.
*at 31 Dec 2022
Legal & General Mortgage Club is one of the UK’s largest and longest-running mortgage clubs, completing £667bn of mortgages since 1995. We are involved in nearly one in five of all mortgages in the UK, in addition to nearly one in three of all intermediated mortgages. The Mortgage Club prides itself on adding value to the adviser community by working closely with new and existing lenders to deliver great products, pricing and criteria. Our popular SmartrFit tool, which is free to advisers, combines an affordability calculator with lender criteria to provide accurate, quick results, to help make advisers jobs easier so they can spend time where it matters.