Legal & General has teamed up with the My Simple Mortgage intermediary website on a mortgage calculator, which allows customers to research how much they can afford before talking to brokers.

The lender says it has added “an intuitive affordability calculator” to the website, that uses a customer’s financial information, such as their earnings and spending, giving them “a good indication of how much they could potentially borrow, while also eliminating results from providers that would not consider the individual based on their individual criteria”.

Customers will then be put in contact with a My Simple Mortgage adviser to discuss detailed borrowing options.

The firm says the “first-of-its-kind” technology, which is live, will help “both parties save time and effort in identifying the most appropriate product for the customer’s needs”.

Both firms say they expect the move will “unlock the initial stage in the mortgage search journey for My Simple Mortgage customers, giving a good indication of what they may be able to borrow while also helping to underpin the value of its independent mortgage advice.”

Legal & General Mortgage Club head of digital transformation Clare Beardmore says: “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.”

Beardmore adds: “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.”

My Simple Mortgage director James Adams says: “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.

Adams adds: “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.”