The tool enables customers to research the most suitable products based on their affordability, directly from the My Simple Mortgage website.
The tool will use customers’ financial information, such as earnings and expenditure, to give an indication of how much they could borrow, while also eliminating results from providers that would not consider the individual based on their criteria.
Customers that use the tool will then be put in contact with a My Simple Mortgage adviser to discuss their borrowing options in more detail.
My Simple Mortgage approached Legal & General with the requirement for an intuitive affordability calculator to be accessible via its website.
Clare Beardmore, head of digital transformation at Legal & General Mortgage Club, said: “Technology is continuing to revolutionise the mortgage industry, whether it’s helping advisers with time-saving solutions that allow them to focus on actually advising or enabling borrowers to make their lives easier when finding a new mortgage.
“Marrying the two however can benefit all parties and it’s why we’ve worked with My Simple Mortgage to create a bespoke affordability tool for its customers, helping identify what they may be able to borrow before they then speak with one of their qualified advisers.
“It means that borrowers save time identifying affordable products while the adviser can then focus on ensuring the product is suited to their needs.
“Using our tech capabilities in this way is a first for us and we’re keen to explore how we might work with other partners to develop practical, time-saving solutions that benefit advisers and customers alike.”
James Adams, director at My Simple Mortgage, added: “We wanted to bring some simplicity and clarity to our customers’ mortgage journey so using L&G’s tech to put them at the heart of the process seemed the logical next step.
“The number one question we get asked by our customers is ‘How much can I afford?’ and so it was a no-brainer to offer an easily accessible affordability calculator that identified the most appropriate options for them before speaking with a member of our team who simply takes them through the next steps in more detail.
“We’re expecting this process to save all parties time and effort, helping us spend more of our energies on our business while ensuring that we find even better outcomes for customers.”
