Later life lending sourcing platform Advise Wise has added a new Cost of Borrowing Calculator to its suite of resources.

Created in response to adviser feedback, the calculator offers a fully customisable tool to demonstrate to customers the cost of borrowing of one or more products.

Under the latest developments, advisers can compare up to four different borrowing scenarios side-by-side, helping to illustrate options clearly for clients, while comprehensive forecasting incorporates HPI, property value, initial borrowing, interest rates, fees, and payment options for accurate projections.

The calculator also offers a flexible term display, providing an adjustable term to balance clarity and realism and avoiding misleading long-term projections, and a payment strategy simulation that allows advisers to model optional, mandatory, interest-serviced, and interest-only payments.

STRESS TEST RATES

Future drawdown forecasting also enables advisers to simulate delayed borrowing to minimize interest roll-up, while the ability to stress test interest rates means that advisers can input variable rates for future lending to illustrate risk and resilience in different market conditions.

The calculator offers both visual and printable outputs, giving advisers the ability to produce clear graphs and tables for client presentations, with options to print or save as PDF for compliance and record-keeping.

MORE CONVERSATION

Daniel Edmondon (main picture, inset), Advise Wise’s senior strategic partnership manager, said: “Finding the right solution for consumers begins with having meaningful conversation.

“We’re pleased to be offering advisers with new tools to be able to demonstrate the available options to their clients, to help them make informed decisions on how to achieve their financial goals in a way that works best for them.”