Legal & General criteria and affordability tool

Legal & General has launched SmartrFit, a mortgage criteria search tool and affordability calculator for advisers.

Results from SmartrFit inform advisers which lenders match their clients’ particular circumstances and the maximum loan amount they would offer.

The tool utilises lenders’ own affordability and lending criteria, helping advisers find the right products quickly and accurately.

SmartrFit has been launched for residential mortgages, with buy-to-let mortgages following early next year.

Kevin Roberts (pictured), director of Legal & General Mortgage Club, said: “The pandemic has created a lot of uncertainty for advisers as lending requirements and criteria have drastically changed.

“Advisers want accurate tools they can trust to help them provide the best service to their clients and provide quick outcomes for them. Legal & General is leading the market with the launch of SmartrFit.

“This is the next step in a technology journey for the mortgage industry. When the results say the mortgage will fit, it will. SmartrFit brings certainty to advisers and increases operational efficiencies at what is a very busy time for the industry.

“Technology has the power to change our market for the better. Tools like SmartrFit will help to create operational efficiencies for our market, while giving advisers and lenders valuable insights and data to help improve the services they provide.”