The Saffron Building Society has unveiled a new affordability calculator designed to help brokers and their customers when choosing a new residential mortgage.
The mutual says the tool can potentially give access to a wider set of loan options than previous and the opportunity to borrow more funds to buy a new home.
The Saffron says the calculator’s upgraded capability”creates a more realistic model” to accurately estimate a customer’s expenditure by household size giving more flexibility in terms of lending levels offered.
These improvements will mean a better result for most customers who are in the market for a new mortgage, it argues. It says in some cases customers have been able to borrow up to 35% more.
Anita Arch, the Saffron Building Society’s head of mortgage sales, 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.”