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New affordability calculator speeds up process for brokers

26th May 2020

Leek United has launched a new residential affordability calculator to help brokers work out if their clients’ lending amount is affordable when applying for a Leek United mortgage.

The calculator, which will be used by underwriters as well as brokers to ensure the consistency of decisions, can accommodate many different income streams including; employed, self-employed, pension and investment income.

It delivers a host of benefits for both brokers and their clients, including:                                                                     

  • Consistent decisions – the calculator gives brokers a unique code each time they use it. This code can be accessed by Leek United underwriters and Business Development Managers (BDM), which means brokers can discuss their calculations easily with any member of the Leek United Intermediary team.
  • Faster results – the new affordability calculator has been streamlined, making it quicker to complete using the information contained within the brokers own fact find.
  • Common sense lending approach - Leek United recognises that everyone is different and therefore in some circumstances, we will provide an opportunity for clients to provide their actual spending figures.

Lisa Buckley, Head of Sales and Marketing at Leek United, said: “Our new affordability calculator is simple to use and enables brokers to obtain a quick and reliable result, confirming if the mortgage amount requested by their clients is affordable.

“The calculator can accommodate many different income streams including; employed, self-employed, pension and investment income. By entering just a few details, the new calculator reduces broker’s time and allows them to quickly get information. We’ve also added a unique code which also improves the experience for brokers when wanting to discuss an affordability calculation with our BDMs or underwriting team.”

Leek United has also recently introduced product transfers on their residential and buy-to-let mortgages, and pays brokers a procuration fee on these cases.

The gross procuration fee is 0.25% and is paid to brokers via their mortgage club or direct. To find out more details on Leek United’s product transfer process, please see here.

You can access their new affordability calculator here.

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