Legal & General has announced the addition of the Bank of Ireland’s ‘Bespoke’ lending service to its SmartrFit tool.
Bespoke products offer advisers a personalised and flexible service for particularly complex residential mortgage cases.
At least one applicant must earn £40,000 or more, and for interest-only mortgages, sole applicants must earn at least £50,000, or £75,000 for joint applicants.
Applications must also meet Bespoke’s standard property criteria. The minimum loan size is £150,000, and homebuyers can borrow up to 90% LTV (including fees).
SmartrFit is the only research and sourcing tool to offer advisers access to both the product and affordability calculator for Bespoke. As long as nothing changes throughout the mortgage process, Bespoke’s underwriters will honour the decision made at the AIP stage. The underwriter will see the case through to offer, assessing each case individually. Bespoke underwriters also host a daily underwriting surgery where BDMs can find solutions to advisers’ complex case questions.
Jodie White, head of mortgage products & transformation, Legal and General Mortgage Services, said: “I am immensely proud that SmartrFit is the only research and sourcing tool currently offering access to both the Bank of Ireland’s Bespoke product range and affordability calculator. I have no doubt that advisers will welcome this latest addition, especially when assisting self-employed applicants or borrowers with particularly complex circumstances.
“We’re in the middle of another transitionary period in the mortgage market, making it all the more important that advisers have access to a wide range of products and services to make informed decisions for their customers. The addition of Bespoke, coupled with recent updates to our tech offering, should go a long way in helping advisers work effectively in our fast-paced market.”