Loughborough Building Society has added a new affordability calculator in response to broker feedback.
The system was created by Leicestershire-based tech provider Provident IT and offers the calculator across the society’s residential and buy-to-let mortgage range.
The lender says the calculators were developed in collaboration with selected intermediary partners, which helped to determine the key broker-friendly features and functionalities to be included.
The tools respond in real-time, offering immediate and accurate affordability assessments, allowing brokers to test hypothetical scenarios before final submission.
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.
The buy-to-let calculator covers let-to-buy, family buy-to-let, and holiday buy-to-let, alongside the Society’s ‘standard’ BTL product.
Loughborough head of intermediaries Ashley Pearson says: “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.”
The Loughborough and Provident IT are also collaborating on the development of a Joint Borrower Sole Proprietor (JBSP) calculator, which is expected to be completed later this year.
