Saffron Building Society has revamped and relaunched its affordability calculator.
The lender says that its new tool creates a more realistic model of household expenditure, which it reports as having led to some customers being able to borrow up to 35 per cent more thanks to the wider set of loans its calculation makes available.
Commenting on this, Safford head of mortgage sales Anita Arch says: “In a world where financial vulnerability is monitored closely, and quite rightly so, it has never been more important for brokers to help their customers estimate how much they can afford to borrow to buy a home.”
“[The] enhanced affordability calculator offers a more sophisticated approach which we are finding opens up many new lending opportunities whether it be a variable rate, fixed rate, first-time buyer or a residential mortgage for the self-employed.”
Saffron has had a busy start to the year, first announcing a new self-build mortgage in January, followed by a downsizing mortgage launch in February.