Bath Building Society has launched an affordability calculator for intermediaries.
Integrated into the Bath Building Society website, the tool will give customers affordability calculations for the Society’s residential and buy-to-let mortgages, including its niche products Buy for University and Rent A Room.
The system, powered by Legal & General’s (L&G) SmartrFit technology, will help Intermediaries to get an indication of how much customers can borrow against Bath Building Society’s lending criteria.
The calculator reviews borrower affordability, before L&G technology cross-references this information against lending criteria, including maximum loan amount, minimum property valuation and Joint Borrower Sole Proprietor opportunities for the standard residential and Buy For University mortgages.
Craig Brown, Bath Building Society’s head of underwriting, said: “It’s an exciting time of change at the Society and improving the Intermediary customer journey is a key focus for us. We’re delighted to launch the new affordability calculator technology which is a first step in streamlining the mortgage process and saving time for Intermediaries.”
Kevin Roberts, director, Legal & General Mortgage Club, added: “Technology can play a significant role in helping intermediaries save time so they can focus on providing a more bespoke and agile service for their customer’s needs.
“This latest partnership will enable Bath Building Society to leverage our SmartrFit affordability tools to better understand the requirements of their intermediaries, saving money at the operational stage and driving value for both intermediaries and customers alike.”