Cumberland Building Society has announced the launch of its new affordability calculator, designed to streamline the mortgage application process for brokers.

The calculator allows brokers to assess mortgage affordability for their clients without needing to contact the society directly, significantly speeding up the application process.

Grant Seaton, head of intermediary lending at the Cumberland, said: “This tool is a game-changer for both brokers and our team. The introduction of the affordability calculator empowers brokers to engage with us anytime, significantly reducing the application process by up to two days.

“Since the formation of the intermediary lending team in 2021, we have made remarkable strides, particularly in our digital capabilities. Previously, our processes were entirely manual, and we recognised the need for improvement to strengthen our competitive edge by implementing key projects, including this dedicated affordability calculator for brokers.

“This implementation moves us another step along the way of producing the best possible solutions for our intermediary partners, although we are not stopping there and are looking forward to future enhancements that will be announced soon.”