Leek United Building Society has launched an online residential affordability calculator to provide mortgage intermediaries with an “instant” affordability decision.
The new system can be accessed 24/7.
Intermediaries provide details of income, loan/credit card payments and other monthly outgoings and the system will calculate affordability.
Lisa Buckley (pictured), the society’s head of marketing and mortgage sales, said: “We value all feedback we get from brokers, and our move from manual affordability checks to the new automated system is in direct response to requests we’ve received for this added flexibility.
“It now means that within minutes, brokers can get a good idea of how much we could lend to their clients – and we’ve already had a lot of favourable comments about the system and how easy it is to use,
“We’re not the first mortgage provider to offer this facility, but providing the best possible level of service for brokers is our top priority, and this is all part of our commitment to achieving that.”