The system has launched with 17 participating lenders, covering around 92% of Legal & General’s buy-to-let lending, with more lenders to follow shortly.
Legal & General has added a buy-to-let (BTL) module in its SmartrFit platform, which combines lender criteria search functionality with an in-built affordability calculator.
The system has launched with 17 participating lenders, covering around 92% of Legal & General’s BTL lending, with more lenders to follow shortly.
It is expected that the platform will make it easier for advisers to process buy-to-let cases, which typically involve greater complexities than residential cases.
Key participating lenders include high street banks – Barclays, Santander, NatWest, Virgin Money, TSB and Bank of Ireland – along sector specialists and building societies, such as Accord Mortgages, Leeds Building Society and Precise Mortgages.
Clare Beardmore, head of broker relationships and propositions at Legal & General Mortgage Club, said: “This is an important step in the journey for our free to use SmartrFit platform.
"With the launch of our buy-to-let module, we’re putting an entirely new function in the hands of advisers and helping them to deploy the same great tech but for more of their clients.
"Of course, buy-to-let cases can often times be even trickier to place that residential business, so this will be of particular use to both specialist and generalist broker firms.
“This is just another example of how technology brings efficiencies to advice firms and puts time back in the hands of staff.
"We’re continuing to focus heavily on creating digital tools that help the broker community, not stand in its way.
"The development of these tools is heavily influenced by feedback from our users, so while we would certainly urge those that have not yet tried the system to explore just how it can help support business, we also hope those that do use it, continue to do so and let us know how we can continue to make it even better."