It has been designed to be intuitive for brokers allowing them to work out the maximum loan available to clients. It has loan to income calculations built in which go up to 5.5 times income, the maximum the mutual will lend to high earners on salaries of £75,000 or more.
Suffolk Building Society has also gone live on Mortgage Brain’s criteria and affordability sourcing systems, Criteria Brain and Affordability Brain.
This is Mortgage Brain’s second collaboration with a building society on the development of an affordability calculator in recent months, following the delivery of a calculator for Scottish Building Society last month.
Charlotte Grimshaw (pictured), head of intermediary relations at Suffolk Building Society, said: “We are delighted to be working with Mortgage Brain to offer a well-rounded affordability calculator. The enhancements we have been able to make will help brokers take the guesswork out of affordability calculations.
“This comes at the perfect time with our rebrand to Suffolk Building Society and our aim to improve broker experience when trying to find a solution for their clients.”
The mutual recently rebranded from Ipswich Building Society and relaunched its intermediary website.
Neil Wyatt, sales and marketing director at Mortgage Brain, added: “At Mortgage Brain we are committed to developing the tools and processes that can help intermediaries work more efficiently and deliver an even better service to their clients.
“This affordability calculator is a perfect example of an innovation that does just that.”