Legal & General has added Generation Home’s affordability calculator to SmartrFit.
The SmartrFit tool provides access to advisers using a Legal & General agency number, including Legal & General Mortgage Club members, or via third parties including SimplyBiz Mortgages, One Mortgage System, and Smartr365.
Gen H lends up to 95% loan-to-value (LTV) and 5.5x income for first-time buyers, home movers and remortgages.
For mortgages with a 95% LTV, the maximum loan size is £500,000, or £700,000 in London and the South East.
Legal & General acquired an 18.75% stake in Gen H in November last year following a Series B funding round.
The funding from Legal & General is being used by Gen H to support the growth of the business as its commercial proposition expands.
In addition, Legal & General has added three more buy-to-let affordability calculators to SmartrFit from Swansea Building Society, Vernon Building Society, and Landbay.
Legal and General Mortgage Services head of product and transformation Jodie White says: “Integrating Gen H’s innovative affordability calculator to SmartrFit is just another way that we are using technology to support our fast-paced market.”
“We have seen adviser searches for first-time buyers grow on our SmartrFit tool since the start of the year, while the number of higher LTV products (typically relied on by first-time buyers) continues to improve steadily.”
Gen H chief executive officer Will Rice adds: “We’re delighted that advisers will now be able to check a client’s affordability for Gen H products through SmartrFit.”
“Affordability continues to be one of the main barriers to first-time buyers getting onto the property ladder, which is why it is vitally important that customers get an accurate understanding of how much they could borrow based on their individual circumstances.”