The calculator enables brokers to obtain a quick and easy estimate of how much their clients could borrow without having to register or login to the lender’s application portal.
The affordability calculator has been built with MMR in mind and gives full consideration to an applicant’s outgoings as well as their income, providing an illustrative figure for intermediaries before they carry out a full credit search as part of the Decision in Principle.
The launch of this calculator comes just a day after Kensington announced the launch of its brand new application portal, featuring document uploads, online fee payment, improved case tracking and streamlined process and visuals.
Alex Hammond, head of marketing and communications at Kensington, said: “We know how important it is for brokers to be able to get a quick understanding of how much their clients could borrow.
“And so we have worked hard to build a comprehensive calculator that is available before the login area of our site. It factors in different sources of income and outgoings before calculating a figure and while it is not a commitment to lend, we believe it is the most accurate pre-login affordability calculator we have ever built.
“Yesterday we launched our new application and today we have introduced our new affordability calculator. But there is still plenty more to come from Kensington, and we are looking forward to making another exciting announcement next week.”
