Cumberland Building Society launches new Affordability Calculator to enhance broker experience
30 September 2024
The Cumberland Building Society has announced the launch of its new Affordability Calculator, designed to streamline the mortgage application process for brokers and enhance the efficiency of intermediary lending.
The innovative tool marks a significant advancement in The Cumberland’s digital offering following the expansion of the lender's mortgage intermediary proposition, further strengthening its commitment to delivering fast, accessible, and user-friendly solutions for brokers. While currently available to brokers within The Cumberland’s restricted distribution area, this marks a step toward broadening their service capabilities, as more digital technology is integrated into their traditionally manual processes.
The Affordability Calculator enables brokers to seamlessly assess mortgage affordability for their clients without needing to contact The Cumberland directly, significantly speeding up the application process. Accessible 24/7, the tool offers real-time affordability estimates in minutes, empowering brokers to serve their clients more efficiently and freeing up capacity to allow The Cumberland’s Intermediary Lending team to provide the best possible service and expertise.
The calculator was developed in response to broker feedback, ensuring it aligns with market needs. Its intuitive design has earned praise from brokers, receiving 5-star ratings for its ability to provide instant affordability calculations, enabling more effective lead qualification. Features like the 5-year product option, which increases affordability for certain clients, have quickly made the tool a favourite among users.
Grant Seaton, Head of Intermediary Lending at The Cumberland commented:
“This tool is a game-changer for both brokers and our team. The introduction of the Affordability Calculator empowers brokers to engage with us anytime, significantly reducing the application process by up to two days.
“Since the formation of the Intermediary Lending team in 2021, we have made remarkable strides, particularly in our digital capabilities. Previously, our processes were entirely manual, and we recognised the need for improvement to strengthen our competitive edge by implementing key projects, including this dedicated Affordability Calculator for brokers.
“This implementation moves us another step along the way of producing the best possible solutions for our intermediary partners, although we are not stopping there and are looking forward to future enhancements that will be announced soon.”
Gareth Watts, Mortgage and Protection Adviser at PBS Independent Financial Advisors said:
“We continue to be impressed with The Cumberland as a lender and look forward to continuing working with them. The calculator looks great - straightforward and easy to use. I expect it will be an asset and a great addition to the Society’s dedicated relationship managed service.”
The Cumberland’s Affordability Calculator is available for brokers to use at - https://www.cumberland.co.uk/intermediaries/residential/calculator
