Halifax has launched a further advance affordability calculator.
The move comes after the lender streamlined further advance applications on its broker hub last month.
It says the feature comes as a new option on its existing mortgage affordability calculator, which allows intermediaries to “quickly check the maximum further advance amount that may be available to your customer”.
To use the software, brokers should select ‘further advance’ as the loan type.
They should then key in the further advance loan amount, term and the existing mortgage balance, term and repayment type.
The firm points out that the borrower’s existing mortgage information is all available on its mortgage enquiry option.
The lender adds: “The rest of the calculator is completed the same as for a purchase or remortgage.
“The result will show the maximum further advance amount we may be able to lend your customer.”
