Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Buckinghamshire BS Launches New Residential Affordability Calculator

Buckinghamshire Building Society has launched a residential affordability calculator for mortgage brokers. The mutual says the new tool is designed to provide a more accurate indication of lending potential than many standard calculators.

Developed in partnership with web development agency Melon, the calculator was created following collaboration between Buckinghamshire Building Society’s mortgage, risk, and compliance teams. According to the mutual, the tool is unlike many standard affordability calculators currently available.

The new calculator is designed to consider a broad range of lending scenarios and incorporates live product data. This approach aims to reflect the society’s lending practices more closely and provide brokers with a more precise assessment of borrowing options.

The launch builds on Buckinghamshire Building Society’s previous partnership with Melon, which included the redesign of its suite of buy-to-let affordability calculators. The society states that the new residential calculator delivers a more accurate indication of affordability across a wider range of specialist mortgage products, including later life and first-time buyer solutions.

For letting agents and inventory clerks, the introduction of this tool may be relevant when working with clients who are seeking mortgage approvals, as it could impact the speed and certainty of lending decisions.