Knowledge Bank has broadened its scope beyond criteria with the launch of a new affordability calculator designed to transform the way brokers assess cases.

The tool, branded AffCalc, represents the first major step for the company into affordability assessment. It will initially be offered on a limited basis before a full roll-out in October.

Developed over the past year with continuous broker input, the calculator is intended to streamline the advice process. Knowledge Bank says that because brokers currently rely on multiple systems to check criteria and affordability, this often duplicates work across platforms. AffCalc allows them to input client data and adjust figures in real time, showing which lenders remain in play as circumstances change.

Unlike static outputs, the system is designed to deliver instant results that adapt to different scenarios, giving brokers what Knowledge Bank describes as “unmatched visibility and control at the point of advice”.

Jessica Folkes, head of mortgage sales at Dynamo, said: “This is a great new platform from Knowledge Bank. AffCalc will really help streamline sourcing cases and fundamentally helping more clients, saving brokers from using multiple platforms for a single case.”

SIMPLICITY AND SPEED

Feedback from a beta testing programme has been strongly positive, with early users praising the simplicity, speed and confidence the tool gives in making recommendations.

Nicola Firth, chief executive and founder of Knowledge Bank, added: “We are incredibly proud to bring to market another industry first in the launch of our affordability calculator. AffCalc delivers highly personalised and accurate results in seconds.

“It moves away from the ‘numbers-in-numbers-out’ models and for the very first time provides brokers with an intelligent calculator which will only return results where the lender will lend, taking into consideration criteria that affects affordability as well as the figures.

“This stops brokers from spending time on cases where the affordability fits but where it later falls down on criteria.”

She added that lenders could have greater confidence in applications made via AffCalc, as it uses criteria data provided directly by them to drive reliable results.

The company confirmed AffCalc will be available to a restricted group of brokers immediately, ahead of its wider release next month.