Mortgage Brain Press Release: Scottish Building Society and Mortgage Brain collaborate on affordability calculator
16 November 2021
UK, November 16 2021: A collaboration between Scottish Building Society and mortgage technology expert Mortgage Brain has led to the launch of a new affordability calculator by the mutual.
The calculator is available on the Scottish Building Society website for intermediaries to use. If the intermediary opts to not input details into the expenditure fields in the calculator, then the lender will automatically assess the case based on data from the Office for National Statistics. This can provide a significant time-saving for advisers if they do not yet have all of the expenditure information for their client, yet want to provide an idea of how much they may be able to borrow.
Results from the affordability calculator are provided in under two minutes on average, allowing advisers to deliver a swift response to clients.
Alongside the affordability calculator collaboration, Scottish Building Society is now present on Affordability Brain, Mortgage Brain’s affordability-based sourcing solution, and Criteria Brain, which allows intermediaries to source products for their clients based on the criteria of their case.
The Scottish Building Society tie-up is the latest in a series of recent Mortgage Brain collaborations, utilising the firm’s technological expertise and guidance to deliver systems for lenders which make it easier for intermediaries to place cases with them. These have included the development of an affordability calculator for Harpenden Building Society and building a bespoke API for Bath Building Society.
Stephen Brown, head of intermediaries at Scottish Building Society said: “We are delighted with the results of our collaboration with Mortgage Brain on this project. Affordability is always a key consideration in any mortgage case, and we know that intermediaries want to provide their clients with a swift indication of what they may be able to borrow. Our new affordability calculator makes it easier for them to do just that.”
Neil Wyatt, sales and marketing director at Mortgage Brain, said: “As experts in mortgage technology, we are always keen to work with colleagues in the industry on developing the tools and processes that can make a tangible difference to the productivity and workloads of intermediaries, and ensure that the placing of cases is much smoother and straightforward.”
