Buckinghamshire Building Society has unveiled an affordability calculator on its website, utilising technology from Legal & General.
The affordability calculator reviews the affordability of borrowers and then cross-references this information against a selection of Buckinghamshire Building Society’s lending criteria.
Buckinghamshire Building Society says it is a flexible lender that assesses affordability on a case by case basis and uses human underwriting, not income multiples.
The new tool also provides Buckinghamshire Building Society with enhanced insights to understand the types of borrowers that advisers are seeking solutions for.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We are delighted to have partnered with Legal & General to provide this affordability calculator as part of our wider vision of using digital innovation to enhance the broker experience. We are dedicated to continuously improving the mortgage process for our brokers, including the successful launch of the online DIP process earlier this year, and this calculator is another way of us moving towards a more streamlined process. Brokers can now quickly evaluate a potential case ahead of submitting a DIP online. The key to its success is the importance of brokers accurately inputting the client’s data to give a true representation of what we can offer as a lender.”
Clare Beardmore, head of broker relationships and propositions at Legal & General Mortgage Club, added: “Creating a streamlined, end-to-end mortgage journey has never been more important for our sector than it is today. Not only is the mortgage market experiencing unprecedented demand from borrowers, but their expectations are growing increasingly. They want results and fast, which is where our technology is helping advisers, allowing them to meet this demand efficiently and use their time to focus on advising their clients.”
“Technology is absolutely critical to creating this seamless mortgage process and allowing borrowers to unlock the value of advice. This new affordability calculator will drive operational efficiencies for Buckinghamshire Building Society, while providing valuable market insights for the lender’s future plans.”
