The Cumberland Building Society has launched an affordability calculator designed to streamline the mortgage application process for brokers.
The tool marked a significant advancement in The Cumberland’s digital offering, following the expansion of its mortgage intermediary proposition.
The tool is currently available to brokers within The Cumberland’s restricted distribution area.
The affordability calculator will enable brokers to assess mortgage affordability for their clients without needing to contact The Cumberland directly.
Accessible 24/7, the tool offers real-time affordability estimates in minutes.
The calculator was developed in response to broker feedback, and has earned praise from brokers, receiving 5-star ratings for its ability to provide instant affordability calculations.
It includes features like a 5-year product option, which increases affordability for certain clients.
Grant Seaton, head of intermediary lending at The Cumberland, said: “This tool is a game-changer for both brokers and our team.
“The introduction of the Affordability Calculator empowers brokers to engage with us anytime, significantly reducing the application process by up to two days.
“Since the formation of the Intermediary Lending team in 2021, we have made remarkable strides, particularly in our digital capabilities.
“Previously, our processes were entirely manual, and we recognised the need for improvement to strengthen our competitive edge by implementing key projects, including this dedicated Affordability Calculator for brokers.
“This implementation moves us another step along the way of producing the best possible solutions for our intermediary partners, although we are not stopping there and are looking forward to future enhancements that will be announced soon.”
Gareth Watts, mortgage and protection adviser at PBS Independent Financial Advisors, said: “We continue to be impressed with The Cumberland as a lender and look forward to continuing working with them.
“The calculator looks great – straightforward and easy to use.
“I expect it will be an asset and a great addition to the Society’s dedicated relationship managed service.”
