It aims to speed up the application process
The Cumberland Building Society has introduced a new affordability calculator, aimed at improving the mortgage application process for brokers and enhancing intermediary lending efficiency.
The mutual said the tool’s launch marks a key step in the society’s digital transformation, following the expansion of its mortgage intermediary services. Currently available to brokers within The Cumberland’s limited distribution area, the calculator is part of a broader effort to integrate digital solutions into the lender's traditionally manual processes.
The tool allows brokers to assess mortgage affordability for their clients without directly contacting The Cumberland, significantly speeding up the application process. It provides real-time affordability estimates, offering brokers a faster way to serve clients while freeing up resources for The Cumberland’s intermediary lending team.
Developed in response to broker feedback, the affordability calculator has been well received, with brokers praising its ease of use and functionality. It has earned five-star ratings for its ability to deliver instant affordability calculations, streamlining lead qualification. Features such as a five-year product option, which increases affordability for some clients, have also proven popular.
“The introduction of the affordability calculator empowers brokers to engage with us anytime, significantly reducing the application process by up to two days,” said Grant Seaton (pictured), head of intermediary lending at The Cumberland.
“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.”
Seaton added that future enhancements for intermediary partners will be announced soon by the Carlisle-based mutual, which earlier reported strong growth in profits, including mortgage lending.
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