The Mansfield Building Society has launched an affordability calculator for intermediary introducers to enable them to quickly ascertain the suitability of clients for a mortgage with the mutual.
Available on the society’s website, the calculator is based on the underwriting model created over a year ago and which has been applied to all applications during that time.
Mike Taylor, sales and marketing manager at the society, said the Mansfield has been preparing for MMR for some time and has used the last 12 months to thoroughly test how the affordability model not only meets the needs of customers but also the requirements of the regulator.
He said: “As a long time supporter of the intermediary market, we felt that a readily available affordability calculator would be of benefit to professional introducers and we have been underwriting to the kind of standards outlined by MMR for over a year now.
“Brokers can be confident that when they use our online calculator, the response they receive will be a true and fair reflection of our assessment of the client’s ability to borrow.
“We’ve always been a responsible lender, all of our systems and processes are in place for the new regulatory MMR environment and we will continue to offer the same great personal service.”
