The mutual worked with local Leicestershire-based tech provider Provident IT to develop web-based tools offering comprehensive affordability calculations across its range of residential and buy-to-let (BTL) mortgages. 

The calculators were developed in collaboration with selected intermediary partners, so it would include broker-friendly features and functions. 

This includes an interface with clear instructions and enhanced accuracy. The tools respond in real time to offer a seamless experience across multiple devices, with instant and accurate affordability assessments.

Loughborough Building Society said this would allow brokers to test scenarios before submitting an application. 

The residential calculator includes specialist lending products such as shared ownership, lending in retirement, high-income multiples and self-build, in addition to the lender’s standard residential offerings. 

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The BTL calculator covers let-to-buy, family BTL, holiday BTL, and Loughborough Building Society’s standard BTL product. 

Provident IT is also developing a joint borrower sole proprietor (JBSP) calculator for The Loughborough that is expected to be completed later this year. 

 

Loughborough BS continuing to evolve its tech 

Ashley Pearson (pictured), head of intermediaries at Loughborough Building Society, said: “As a society, we are continually evolving from a tech perspective and place immense trust in our intermediary and tech partners to ensure we are heading in the right direction.” 

He added: “Following a comprehensive engagement, development and testing process, we are pleased to launch affordability calculators that encompass unique areas of the specialist lending marketplace. These areas have become essential for borrowers and the intermediary community in today’s increasingly complex lending environment.

“Both calculators provide a function that allows for the affordability assessment to be sent directly to the broker in a PDF format. We believe this feature will have a positive impact by ensuring brokers obtain clearer and quicker lending decisions, enabling them to meet a broader range of client needs.”

Harvey Bolton, managing director of Provident IT, added: “We’re delighted to partner with Loughborough Building Society on this innovative project. At Provident IT, we focus on leveraging technology to create practical solutions for our clients – whether that’s through web-based applications or comprehensive IT infrastructure. 

“We look forward to continuing our collaboration with The Loughborough and exploring new ways to push the boundaries of what technology can achieve in the financial services sector.” 

Earlier this year, the mutual updated its self-employed criteria.