System utilises Legal & General’s SmartrFit technology
Bath Building Society has announced the launch of an affordability calculator for intermediaries and mortgage customers.
The website tool will give customers affordability calculations for the society’s residential and BTL mortgages, including niche products Buy for University and Rent a Room.
The system, powered by Legal & General’s (L&G) SmartrFit technology, will help intermediaries get an indication of how much customers can borrow against Bath Building Society’s lending criteria.
Read more: L&G launches criteria and affordability tool SmartrFit
The calculator reviews borrower affordability, before L&G technology cross-references this information against lending criteria, including maximum loan amount, minimum property valuation and joint borrower sole proprietor opportunities for the standard residential and Buy for University mortgages.
The new tool will provide valuable insights for the society to better understand where current demand lies in the mortgage market and the types of borrowers that advisers are finding mortgage solutions for.
Craig Brown, head of underwriting at Bath Building Society, said improving the intermediary customer journey is a key focus for the company.
“We’re delighted to launch the new affordability calculator technology which is a first step in streamlining the mortgage process and saving time for Intermediaries,” he said.
“Technology can play a significant role in helping intermediaries save time so they can focus on providing a more bespoke and agile service for their customer’s needs,” Kevin Roberts, director at Legal & General Mortgage Club, said.
“This latest partnership will enable Bath Building Society to leverage our SmartrFit affordability tools to better understand the requirements of their Intermediaries, saving money at the operational stage, and driving value for both intermediaries and customers alike.”
