Loughborough Building Society launches intermediary-focused affordability calculators

27 June 2024

Loughborough Building Society has launched a range of new, intermediary-focused affordability calculators, developed in response to broker feedback.

The Society has teamed up with local Leicestershire-based tech provider Provident IT to develop web-based tools offering comprehensive affordability calculations across the Society’s extensive range of residential and buy-to-let mortgages.

The calculators were developed in collaboration with selected intermediary partners, ensuring the inclusion of key broker-friendly features and functionalities. They feature an intuitive interface with straightforward instructions for smooth navigation and enhanced accuracy.

Designed to provide a seamless user experience across all devices, the tools respond in real-time, offering immediate and accurate affordability assessments, allowing brokers to test hypothetical scenarios before final submission.

The residential calculator includes specialist lending products such as shared ownership, lending in retirement, high-income multiples and self-build, in addition to the lender’s ‘standard’ residential offerings.

The buy-to-let calculator covers let-to-buy, family buy-to-let, and holiday buy-to-let, alongside the Society’s ‘standard’ BTL product.

Provident IT is also developing a Joint Borrower Sole Proprietor (JBSP) calculator for The Loughborough which is expected to be completed later this year.

Ashley Pearson, Head of Intermediaries at Loughborough Building Society, commented:

“As a Society, we are continually evolving from a tech perspective and place immense trust in our intermediary and tech partners to ensure we are heading in the right direction.”

“Following a comprehensive engagement, development and testing process, we are pleased to launch affordability calculators that encompass unique areas of the specialist lending marketplace. These areas have become essential for borrowers and the intermediary community in today’s increasingly complex lending environment.”

“Both calculators provide a function that allows for the affordability assessment to be sent directly to the broker in a PDF format. We believe this feature will have a positive impact by ensuring brokers obtain clearer and quicker lending decisions, enabling them to meet a broader range of client needs.”

Harvey Bolton, Managing Director of Provident IT, added:

“We’re delighted to partner with Loughborough Building Society on this innovative project. At Provident IT, we focus on leveraging technology to create practical solutions for our clients - whether that’s through web-based applications or comprehensive IT infrastructure.”

“We look forward to continuing our collaboration with The Loughborough and exploring new ways to push the boundaries of what technology can achieve in the financial services sector.”