On our quest to remove the good proportion of your day that’s spent duplicating effort, we’re not only listening to your invaluable feedback, we’re taking it on board and continuously evolving.
Our latest release included the following improvements:
- The ability to add up to four applicants and select the incomes needed for affordability.
- Lender service levels now available on both the SmartrFit and SmartrCriteria outcome pages.
- A ‘Report an Inaccuracy’ feature which enables you to easily let us know if something doesn’t look quite right in your results.
- Updated wording on our calculator to clarify the treatment of household expenditure.
- Improved criteria on intuitive searches, enabling the property value and valuations amount to consider whether a property is a house or a flat and/or in London.
We won’t be stopping there!
Currently in development and coming soon…
More accurate criteria - We’re working on the LTV, Maximum loan amount, property type and region to drive greater accurate intuitive checks.
Changes to bonus, commission & overtime - More fields to be added to the SmartrFit calculator to collect previous periods figures. We’ll also be looking at lenders criteria in this area for improved accuracy.
Credit card to be repaid - Additional field going into the SmartrFit calculator to collect this information and give more accurate figure, as some lender refactor into affordability amount for future application.
Addition of SmartrFit user guide - Will be added to SmartrFit pages for user to refer to.
Improving interest only - We’ll do this by adding criteria and additional repayment vehicles
Improving self-employed - We’ll be adding in an option for you to input the % shareholding and an option to enter net profit for any self-employed applicant
Total number of lenders
Percentage of mortgage club residential lending volumes
Lenders added since launch
Hints and Tips
The importance of completing household expenditure
Lenders take varying approaches when applying household expenditure in their affordability modelling. Depending on their validation parameters, the total anticipated expenditure can differ from one lender to another, which can make the difference between there being sufficient net surplus to fund the required mortgage or not.
Some lenders apply default expenditure, so regardless of what you enter, the values are disregarded, and the lender applies their own calculations for household expenditure.
Others will look at the expenditure values entered and validate these against their own calculated amounts. If the amounts entered are in excess of the lenders calculated amounts, your figures entered are utilised. If, however, the amount entered is lower than the calculated amount, they are ‘topped up’ to meet the lender expected level.
Validation can take place with some lenders on all household expenditure categories, while others validate on just some categories and utilise the values declared by the adviser for others.
And finally, some lenders do not apply expenditure validation and look entirely at the actual expenditure of an applicant.
The good news is, SmartrFit does all the work behind the scenes to interpret the expenditure values into the affordability assessment for each lender. So, all you need to do, is fill in the expenditure section as accurately as possible and the appropriate calculations can be made for the applicant’s circumstances for all lenders.
Finding the right lender for customers with complicated circumstances
When assessing affordability, SmartrFit performs 8 intuitive criteria checks:
- Loan to Value
- Minimum Age
- Maximum Age
- Minimum Loan Amount
- Maximum Loan Amount
- Minimum Loan Term
- Maximum Loan Term
- Property Location
To help you find the right lender for those customers where their circumstances are little more complicated, SmartrFit also provides the ability to add in some additional criteria checks using SmartrCriteira, once your initial search has been completed. To perform the additional criteria checks, simply click the ‘Open’ button for your chosen lender.
Scroll to the bottom of the lender information page and click on the SmartCriteria banner. Clicking on the banner will take you into SmartrCritera where you can select the additional criteira checks you would like to perform.
Once you’ve added all the criteria checks, click on ‘Go To Outcome’. You’ll then return to the SmartrFit results page.
The results page will not only provide you with a revised outcome for your chosen lender but all the other lenders that are happy to consider your clients application.
How to access SmartrFit
SmartrFit sits within ClubHub. Registering for ClubHub will give you access to SmartrFit. For this you will need a Legal and General Live agency number.
1. Visit the Club Hub and click Register
2. Complete the form including your email address and 7 digit agency number
You will recieve an email asking you to confirm your email address, the link within the email will only be valid for 24 hours.
If you have any questions or are having trouble registering, please contact Mortgage Club Support Services