Buckinghamshire Building Society has launched a residential affordability calculator intended to give mortgage brokers a more accurate indication of clients’ borrowing potential.
The tool, developed with web development agency Melon, reflects the society’s lending policy and approach to underwriting.
Buckinghamshire Building Society said its mortgage, risk and compliance teams had collaborated on the calculator, which incorporates live product data and covers a range of lending scenarios across its specialist mortgage range.
The launch follows Melon’s redesign of the society’s buy-to-let affordability calculators, including tools for limited company and expatriate lending.
Claire Askham, head of mortgage sales at Buckinghamshire Building Society, said: “We know brokers value speed and certainty when assessing their clients’ borrowing options, so it was important that this calculator reflected how we lend in the real world, rather than providing a generic estimate.
“By combining our lending expertise with live product information, we’ve created a tool that delivers a much more accurate indication of affordability across a wider range of our specialist mortgage products, including Later Life and First-Time Buyer solutions.
“We hope it gives brokers greater confidence when placing cases with us and makes it even easier to identify the right solution for their clients.”
Steve Durrington, founder of Melon, added: “We’ve enjoyed working closely with Buckinghamshire Building Society once again to deliver another innovative solution for the intermediary market.
“Building on the success of the buy-to-let calculators we developed together, this latest project demonstrates what’s possible when technology is combined with specialist lending expertise.
“The result is a sophisticated yet intuitive affordability calculator that reflects the Society’s unique lending approach while providing brokers with a fast and reliable experience.”
The calculator is available to brokers now and forms part of the society’s investment in digital tools for intermediaries.
