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L&G teams up with Finova for tailored lifetime mortgage pricing

  • 22/02/2024
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L&G teams up with Finova for tailored lifetime mortgage pricing
Legal and General (L&G) Home Finance has partnered with mortgage software provider Finova to offer tailored pricing with lifetime mortgages.

L&G Home Finance, which recently introduced a personalised approach to lifetime mortgage pricing, will use Finova’s Optimo decisioning engine platform to consider a borrower’s circumstances, then decide the price for each mortgage application. The lender will also be able to test pricing for new products without making changes to its underlying technology. 

The Optimo platform can analyse a borrower’s data to adjust rates and fees in real time. This is expected to limit the impact of last-minute rate changes and cut the application decision time. 

Optimo’s functions can also be applied to other lending types, such as complex credit. 

Rowan Clayton, product director at Finova, said: “At Finova, we’re always thinking about how our tools can tackle the speed bumps getting in the way of lenders’ daily tasks, and how we can improve the journey for their customers.

 “To that end, we’re thrilled to be sharing our decisioning engine Optimo with L&G Home Finance, who can now lean on our technology when it comes to making rapid decisions about risk, liability, or affordability, for their customers. With Optimo, L&G’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.”

Cheryl Hinton, chief technology officer (CTO) at L&G Home Finance, added: “The lifetime mortgage market has evolved significantly over the years, and at L&G Home Finance, we’re always innovating to meet changing customer needs. 

“That’s why we’re delighted to adopt Finova’s flexible Optimo system to help power faster and more tailored pricing decisions, to give borrowers value for money by offering them the best rate for their specific circumstances.” 

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