Legal & General Mortgage Club has launched a customer-friendly affordability calculator that mortgage firms can use on their websites.
The club says its ‘broker in a box’ feature builds on the same technology it uses to power its SmartrFit platform, which combines criteria sourcing with an affordability calculator to help advisers understand which lenders are suitable for their clients.
But it adds this new white-label version can be easily integrated into a broker’s existing website, allowing them to offer a similar affordability calculator service, without the need for bespoke coding.
The club says the feature “is designed to help alleviate the administrative burden placed on advisers when completing an initial customer fact find. This is expected to help save brokers time, but also support the creation of qualified leads”.
It adds: “By gathering basic affordability information about the customer, the system not only helps potential clients to quickly understand what a mortgage lender may allow them to borrow, but also gathers fundamental financial information which the broker can then use to complete a real application more quickly.
“The tool also allows customers to request contact from a mortgage broker, should they wish to access advice.”
Legal & General Mortgage Club head of broker relationships and propositions Clare Beardmore says: “Knowing broadly how much they can borrow from a mortgage lender is one of the very first steps for anyone looking to buy a home and it’s a question that advisers hear all too often.
“However, this latest product is designed to help automate the process, while also generating leads for advice businesses.
“This is a great example of using technology to support brokers, especially for smaller firms looking to provide services normally available only to larger outfits.
“We have seen success with these types of partnership already, having launched a similar function with My Simple Mortgage and we anticipate this will go a step further by opening the door to a real variety of other firms.”
