At the broker’s request, L&G created a bespoke integrated affordability tool that sits on the My Simple Mortgage website.
L&G said it was the first time it had used its tech capabilities this way.
It will use customer’s financial information, such as earnings and expenditure, to give them an indication of how much they could borrow while eliminating results from lenders that would not offer deals based on the borrower’s circumstances.
Users 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 its need for an intuitive affordability calculator which borrowers could use to find out how much lenders would offer them.
Clare Beardmore, (pictured) head of digital transformation, 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.”
She added: “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.”
Director at My Simple Mortgage James Adams said the question they got asked the most by customers was ‘how much can I afford?’.
“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,” he added.