New affordability calculator launched

October 20, 2020 by Mark

Mortgage Advisors

An improved mortgage affordability calculator has been launched by Darlington Intermediaries, with this tool available for use by advisors via its website.

The company is using Legal & General technology to run this new calculator, which works in the usual way by taking data entered by advisors on behalf of their clients to determine the affordability of different mortgage loans. However, the tech behind it will cross-reference all data against the relevant lending criteria for Darlington Intermediaries, such as lowest property valuation and highest loan figure, to give advisors an answer that meets the most important criteria.

It is also set to provide Darlington Intermediaries with vital market information – for example, what mortgage products are experiencing the highest customer demand and which kinds of clients advisors are trying to help secure a loan. This will be used by the company to tailor future product development to fit the changing market situation.

Chief Customer Officer of Darlington Intermediaries, Darren Ditchburn, told Mortgage Introducer that the company understood the need among advisors for tools that help them work efficiently, and that it felt this would help with that, before adding:

“The fact the calculator also filters with sections of our lending policy leads to a better and more accurate decision, a slicker experience and most importantly saves time for advisors.”

Given the volume of demand for loans from prospective buyers that the average CeMAP mortgage advisor is currently dealing with, it seems likely that most will greet the launch of this time-saving tool with open arms.