Legal & General Mortgage Club has revealed that later life lending has been added to SmartrCriteria, its digital criteria search system.
SmartrCriteria includes information from over 100 lenders across the residential, buy-to-let and new build sectors to help advisers determine whether a particular lender would consider a mortgage application from their client.
Following the launch of the system in January 2019, the number of lender criteria outcomes has grown from 384,000 to 606,015. There is also an improved search facility, as well as an adviser journey which gives members the information they need to progress their customer cases.
Over 6,000 advisers have registered to use the system since its launch and it is also free for Legal & General Mortgage Club members throughout 2020.
Legal & General Mortgage Club says it will continue to make further improvements to the tool and from this month lenders will also be able to update the system directly.
Kevin Roberts, director of Legal & General Mortgage Club, said: “It’s been a year since we launched SmartrCriteria. Since then, we’ve listened to our members and focused on continually evolving the tool. This is now a rich database with more than 600,000 lender outcomes, providing a smarter way for advisers to keep on top of lender criteria changes and easily find the right mortgage for their clients.
“With the addition of later life lending, our members will now be able to easily find the right solutions for clients who are retired.
“SmartrCriteria is a great example of the type of digital transformation which is key to driving a frictionless mortgage journey, while helping advisers to spend more time doing what they do best – giving quality advice to borrowers.
“Over the next year, we’ll continue to make enhancements to SmartrCriteria to support the best possible outcomes for advisers and their clients, and with the tool being free for 2020 it’s a great time to give it a try.”