Leek United has launched an online residential affordability calculator, giving mortgage intermediaries an instant affordability decision.
Homebuyers need to provide details of income, loan/credit card payments and other monthly outgoings to enter into the calculator.
Lisa Buckley, 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.”
Buckley added: “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.”
In June Leek United doubled the offer period on its mortgages from three months to six months, giving homebuyers the reassurance of additional time to get their purchases ‘over the line’.