The tool, AffCalc, will initially be made available to a limited group of subscribed brokers, with a full release scheduled for October.
It has been developed throughout this year and shaped by broker feedback, and allows brokers to edit client data as they go and see lenders “fall away in real time”.
Knowledge Bank said this offered “unmatched visibility and control at the point of advice”.
It explained that rather than using static outputs, brokers can adjust inputs and watch the impact instantly, making complex affordability checks “faster, clearer and more accurate”.
The company added that following its initial trial, the feedback from users has been “overwhelmingly positive”.
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The firm said the tool was different to current broker processes as brokers’ processes and workflow were centred around using different tools from different providers to find suitable lenders, and many are asking for a “smarter, more transparent way to assess affordability”.
Nicola Firth (pictured), Knowledge Bank’s CEO and founder, said: “We are incredibly proud to bring to market another industry first from Knowledge Bank, 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. Lenders can also have confidence in the cases they receive from brokers using AffCalc, as it’s using criteria data input directly by them to drive reliable and accurate results.”
At the beginning of this month, the firm announced a partnership with the Specialist Finance Academy to support brokers in the sector.
