Kensington launches affordability calculator
Kensington has launched a new online affordability calculator to provide brokers with a more accurate figure.
The calculator is available to intermediaries on the Kensington website ahead of logging in to the application system.
Last week the Financial Conduct Authority told brokers at the Mortgage Business Expo in London that lenders need to improve online affordability calculators, which are often misleading.
Steve Griffiths (pictured), director of sales and distribution at the Northview Group, said: “Affordability is a fundamental part of mortgage lending and we have invested to deliver a new affordability calculator that uses data more intelligently.
“The immediate benefits of this are a more streamlined process and more accurate outcomes for brokers whether they are using the standalone calculator or submitting an application.”