Mortgage Brain and Harpenden Building Society have collaborated on the development of a new affordability calculator which will now be available on the mutual’s intermediary-facing website.
The project is the first of its kind undertaken by Mortgage Brain, which worked with Harpenden to design a bespoke solution which met the mutual’s requirements.
Before its development, Harpenden had relied on manual processes for calculating affordability.
The success of the calculator means that it will now be used internally by Harpenden staff for assessing Decisions in Principles, as well as being made available to the adviser community according to the firms.
The Harpenden will also now be included on Mortgage Brain’s affordability-based sourcing solution Affordability Hub.
Craig Middleton, mortgage sales and distribution manager from Harpenden Building Society, said: “Affordability is a crucial consideration for mortgage lenders, advisers and customers alike so we are thrilled to have our new affordability calculator in place.
“At Harpenden Building Society we are striving to improve our digital footprint and partnering with experts like Mortgage Brain helps us support our adviser community better.”
Neil Wyatt, sales and marketing director at Mortgage Brain, added: “While this is the first time we have developed an affordability calculator for a lender, it is a natural extension of what we do at Mortgage Brain.
“We are passionate about developing technology that supports the work of mortgage advisers and helps them find the right product for their client as swiftly as possible.”