Mortgage lending organization West One Loans has announced that it is introducing a brand new calculator of affordability for its slate of residential products that will be available through its website.
The lender is stating that it believes this calculator will make the process of applying for a residential mortgage easier and quicker. If that turns out to be the case, it will be a valuable tool for both mortgage advisors and the general public. Advisors will be able to use it to get an answer concerning affordability before they submit an enquiry to the lender. West One is promising that all answers provided by the calculator will be accurate.
It can also be utilised to find out the maximum loan amount that a borrower can get. This will be calculated using income and expenses data. It will help advisors to make the right choice between comparable residential product options. All of this should work towards reducing the number of wasted or rejected applications.
The new digital calculator can be used to check the affordability of loans within the two main residential product slates offered by West One. These are the core product slate and the LTI Boost option.
Paul Huxter from West One Loans told Mortgage Finance Gazette that:
“Brokers can access the tool directly on the West One website, helping them provide greater choice to their clients who can benefit from our quick, reliable affordability assessments at an early stage in the customer journey.”
Anything that can speed up the mortgage application process is likely to be good news for those with CeMAP training.
