The firms say the software takes into account the information provided by customers to produce bespoke pricing for applications.  

The software as a service tool combines scorecards, pricing and a range of data to adjust rates and fees based on real-time market activity.  

It can also test prices for new product lines without a lender having to change its underlying technology.  

Finova adds: “Its ‘always on’ pricing approach also reduces the impact of last-minute price changes on brokers, thereby safeguarding clients and their mortgage applications.   

“Not limited to later life, Optimo can also be applied to other lending types, with complex affordability and scorecard models allowing greater accuracy in lending decisions.”  

Legal & General Home Finance chief technology officer Cheryl Hinton says: “The lifetime mortgage market has evolved significantly over the years, and at Legal & General Home Finance, we’re always innovating to meet changing customer needs.”  

She points out that the new software will “help power faster and more tailored pricing decisions, to give borrowers value for money by offering them the best rate for their specific circumstances”.  

Finova product director Rowan Clayton adds: “With Optimo, Legal & General’s customers can access personalised and fair rates on the market, and crucially, the lender can service borrowers quickly and fairly as the lending price war intensifies.”