Loughborough Building Society has launched a range of new, intermediary-focused affordability calculators, developed in response to broker feedback.
The society teamed up with Provident IT to develop the web-based tools, which offer comprehensive affordability calculations across the lender’s range of BTL and residential mortgages.
The calculators were developed together with selected intermediary partners to ensure they include broker-friendly features and functionalities.
The digital tools offer real-time affordability assessments, allowing brokers to test hypothetical scenarios before final deal submissions.
The BTL calculator covers let-to-buy, family BTL, and holiday BTL, alongside the society’s standard BTL product.
Ashley Pearson, head of intermediaries at Loughborough Building Society, commented: “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.”
“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.
“We look forward to continuing our collaboration with the society and exploring new ways to push the boundaries of what technology can achieve in the financial services sector.”
