The Cumberland launches new affordability calculator for brokers

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 tool is currently available to brokers within The Cumberland’s restricted distribution area, as more digital technology is integrated into its traditionally manual processes.

The calculator enables brokers to assess mortgage affordability for their clients without needing to contact The Cumberland directly, speeding up the application process. Accessible 24/7, the tool offers real-time affordability estimates in minutes, freeing up capacity across The Cumberland’s intermediary lending team.

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.”