New mortgage affordability calculator launched

November 24, 2021 by Heidi

Mortgage Advisors

Mortgage Brain has linked up with Scottish Building Society (BS) on the development of a brand-new online affordability calculator for use by mortgage advisors.

This tool is set to be made available via the website used by both Scottish BS and Mortgage Brain. Should an advisor not fill out the parts of the calculator form covering their client’s outgoings, the assessment of whether the client can afford the mortgage or not will be made by Scottish BS using Office for National Statistics (ONS) figures.

Both the building society and Mortgage Brain have indicated that advisors looking to get information about the affordability of a particular product before they have secured all the necessary client data will find this a useful way of saving time.

They have also stated that advisors will get affordability results inside two minutes of submitting the information – something that will also make the early stages of the application process much quicker for advisors.

This affordability calculator is just the latest in a string of tools that Mortgage Brain has teamed up with lenders on, including the tailored application programming interface (API) it developed for Bath Building Society.

Scottish BS Head of Intermediaries, Stephen Brown, stated that the society recognised how crucial determining affordability was during the application process, and that advisors needed to be able to let clients know about it as soon as possible.

Many advisors with a CeMAP qualification will find this to be a useful addition to their working life.