Calculating shared ownership affordability for clients can be frustrating, see how BrokerSense can make this process much simpler and how it can improve your clients outcomes.
When trying to calculate shared ownership affordability for clients, there is never one single affordability amount you can offer your clients. Every property they look at has a different ownership percentage and rent element. So in this case study we will look at what factors affect the overall loan amounts offered by lenders, and how you can make life easier when dealing with shared ownership affordability.
1. BrokerSense provides a feature that allows you to label each search within a client and see the max loan for each given set of criteria. By labelling your searches with something relavent to each property you can create a very easy overview of your clients restrictions.
Here we can see at a glance how different percentages and rent amounts result in different loan amounts and mean that clients can be offered a range of figures related to their intentions, as well as allowing a fast way to update the afordability calculation when the client has found a home.
2. Adjust percentages and rent amounts effortlessly. How frustrating can it be spending time calculating the max loan on a given property, only to find the client has moved onto another option. Theres no need to manually recalculate lenders one by one. Simply adjust the percentage and rent amouts and check viability in just a few minutes. Its so fast and efficient you can do it on the fly with your client.
3. Enter service charge amounts, which can be very high in some shared ownership cases, to give an accurate picture of affordability. Most lenders do take into account the service charegs and anyone who has come unstuck when they discover the service charge is much higher than average will appreciate this being factored in from the start.
Dont forget you get all the standard features of the tool to ensure accuracy and efficiency:
- Calculator images to sense check the results and give you confidence in making your recommendation.
- PDF output for your compliance file
- Results saved indefinitely so you can return when you are ready and collect the evidence