Saffron Building Society has launched a renewed affordability calculator 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 and the opportunity to borrow more funds to secure a new home.
According to Saffron, the calculator’s upgraded capability creates a more realistic model to accurately estimate a customer’s expenditure by household size, offering more flexibility in terms of lending levels offered.
With these improvements, customers who are in the market for a new mortgage can get a better result.
Recent mortgage applications submitted through the ‘Saffron for Intermediaries’ online portal are beginning to illustrate this, with customers now being able to borrow up to 35% more.
Anita Arch, head of mortgages at Saffron Building Society, 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.”
“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.”