Bank of Ireland for Intermediaries’ online affordability calculators are accurate, quick and easy to use. They give you an instant estimate of how much your client could borrow.
They use modelled data provided by the Office for National Statistics to calculate your customer’s expected living costs e.g. food, utility bills and travel costs. So you don’t need to include this in the calculator or application process.
And they don’t take into account ground rent and service charges which can make a difference to the maximum loan sizes for your clients!
When using the affordability calculators on boi4i.com and keying an application, please remember:
They only need to know:
- Number of adults and children
- Preferred mortgage term
- Income and monthly committed outgoings
- The product rate your client would like if opting for a fixed rate of 5 years or more
They don’t need to know:
- Living expenses e.g. food, utility bills, clothes, petrol
- Subscriptions to leisure activities
- Pension contributions
- Commitments, payments or rent that will cease if this mortgage completes
- Monthly payments for Buy to Let mortgages
- Ground rent and maintenance charges on leasehold properties.
| If you’d like more information, please speak to your BDM today |