The tool will provide customers with a good indication of how much they could potentially borrow based on their earnings and expenditure
Legal & General (L&G) has announced that it will provide its digital mortgage sourcing technology to My Simple Mortgage.
L&G says the integrated tech solution is the ‘first of its kind’, enabling customers to research the most suitable products based on their affordability, directly from the My Simple Mortgage website.
The tool will provide customers with a good indication of how much they could potentially borrow based on their earnings and expenditure. Moreover, it will also eliminate results from providers which would not consider individuals based on their criteria.
Then, customers will be connected to a My Simple Mortgage adviser to discuss their borrowing options in more detail. This will help both parties save time and effort in identifying the most appropriate product for the customer’s needs.
The development is expected to 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.
Clare Beardmore, head of digital transformation at L&G Mortgage Club, comments: 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 speak with one of their qualified advisers. It means that borrowers save time identifying affordable products while the adviser can then focus on ensuring the product is suited to their needs, she says.
She 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.
James Adams, director at My Simple Mortgage, 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.
He said 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.
He concludes: 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.