Saffron Building Society has launched a revamped affordability calculator designed to assist brokers and their customers when choosing a new residential mortgage. Findings from the enhanced tool can potentially give access to a wider set of loan options than previous and the opportunity to borrow more funds to secure a new home.
The calculator’s upgraded capability creates a more realistic model to accurately estimate a customer’s expenditure by household size giving more flexibility in terms of lending levels offered. These improvements will mean a better result for most customers who are in the market for a new mortgage.
Recent mortgage applications submitted through the ‘Saffron for Intermediaries’ online portal are already illustrating this. In some cases customers have been able to borrow up to 35% more.
Anita Arch, Saffron Building Society’s Head of Mortgage Sales said: “In a world where financial vulnerability is monitored closely, and quite rightly so, it’s never been more important for brokers to help their customers estimate how much they can afford to borrow to buy a home.” Arch added: “Saffron’s new enhanced affordability calculator offers a more sophisticated approach which we’re finding opens up many new lending opportunities whether it be a variable rate, fixed rate, first time buyer or a residential mortgage for the self-employed.”
Full details and the opportunity for brokers to test Saffron’s new affordability calculator can be found at: https://www.saffronforintermediaries.co.uk/calculators/.
If you have any questions please speak with our Business Development Mangers, who will be happy to help:
Holly Andrews: 01799 582885
Katie Sharpe: 01799 582923
Gemma Reynolds: 01799 582925