Legal & General Mortgage Club has added six lenders to its SmartrFit tool.
The tool, which allows advisers to determine suitable mortgage providers for their clients, will now include results for Aldermore Bank, Bank of Ireland, Leeds Building Society, Pepper Money, Vernon Building Society and the Post Office.
Legal & General’s SmartrFit tool is free-to-use and can be accessed whether an adviser is a member of the Mortgage Club or not, although users will need an agency number to login.
Clare Beardmore, head of mortgage transformation and operations, Legal & General Mortgage Club, said: “Our SmartrFit tool provides advisers with accurate results based on a wide range of lenders as well as significant time savings when completing searches for clients.
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UK borrowers impacted by pandemic face rising mortgage payments, L&G warns
UK borrowers who have suffered a drop in income during the pandemic could soon be paying thousands of pounds more in monthly mortgage repayments, according to the latest research.
The survey by Legal & General Mortgage Club found that one in three borrowers are considering staying on their current lender’s Standard Variable Rate (SVR) once their existing mortgage product expires.
According to the analysis, moving onto a lender’s SVR could increase annual mortgage repayments by more than £2,500 when compared to borrowers who lock into an average two-year fixed rate product.
An estimated 32% of borrowers who have been negatively financially impacted by COVID-19 intend to stay on their lender’s standard variable rate (SVR), according to Legal & General Mortgage Club.
This could impact over 700,000 borrowers who will reach the end of their 2 and 5-year residential fixed-rate mortgages in 2021.
More than half (52%) of borrowers who have seen their income reduced as a result of the crisis are concerned that lenders will now be scrutinising their finances in more depth compared to pre-COVID levels.
Half of borrowers are concerned that their decision to take a payment ‘holiday’ will affect their future mortgage options, and 67% believe it will be harder to get a mortgage when furloughed.
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“It’s vital they avoid falling onto a reversion rate and paying more when there are other options available.
“COVID-19 may have dampened the confidence of a large number of borrowers wanting to lock into a new rate, yet the cost of not exploring their refinance options could be significant.
“Even for those borrowers who have seen a reduction in income, there may well be products available that would save them money in the long term when compared to their lender’s SVR.”
Some 52 percent of borrowers who have seen their income reduced as a result of the ongoing crisis are now concerned lenders will scrutinise their finances in more depth compared to pre-COVID levels.
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