The mutual said its new calculator will provide a more accurate indication of lending potential.
Developed in partnership with web development agency Melon, the calculator has been created following extensive collaboration between the mutual’s mortgage, risk and compliance teams.
Buckinghamshire Building Society explained that the tool was unlike many standard affordability tools. The affordability calculator has been designed to consider a broad range of lending scenarios and incorporates live product data.
The launch builds on Buckinghamshire Building Society’s successful partnership with Melon, which previously worked with the mutual to redesign its suite of buy-to-let (BTL) affordability calculators.
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.
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“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.”
