Bath Building Society (BS) has revealed the provision of a new affordability calculator on its website, which can be used by both the general public and mortgage advisors.
This solution runs on the SmartrFit technology devised by Legal & General, and it will enable advisors to get accurate details about the borrowing limits of their clients compared to the available products and criteria. The calculations of affordability that it provides can be applied to both the buy-to-let and residential mortgage loans provided by Bath BS.
The tool will operate by taking the details of the client’s income that the advisor puts into it and comparing these against key criteria like the lowest property valuation and maximum loan available to produce relevant results quickly.
Bath BS Head of Underwriting, Craig Brown, said that the building society was currently undergoing very positive changes and that making a better experience for intermediaries was important. He added that the company was pleased to be able to introduce this new solution to help with that.
Legal & General Mortgage Club Director Kevin Roberts told Mortgage Solutions that technology offered vital time-saving advantages, before adding:
“This latest partnership will enable Bath Building Society to leverage our SmartrFit affordability tools to better understand the requirements of their intermediaries, saving money at the operational stage and driving value for both intermediaries and customers alike.”
Many advisors now get their training from an online CeMAP training company and go on to use technology to ever-greater degrees in their everyday working lives.