Mortgage Brain has witnessed thousands of advisers actively using its new Affordability Hub tool.
The affordability-based technology allows advisers to source mortgage products for their clients based on the results from the affordability calculators available from participating lenders.
Since its launch in May, the hub has been used by adviser firms Countrywide, Fluent Mortgages, John Charcol and Openwork, as well as large numbers of individual advisers. To date, affordability checks for loans worth a total of more than £10 billion have been carried out.
The Affordability Hub has been rolled out to all users of Mortgage Brain’s criteria-based sourcing system Criteria Hub and will later be made available to users of Mortgage Brain Anywhere and Mortgage Brain Classic. There is no added cost for the addition of Affordability Hub.
Paul Shearman, mortgage, protection and GI proposition director at Openwork, comments: “We’re really excited about this latest development from Mortgage Brain as for the first time ever our advisers will be able to enter the applicant’s income, expenditure, property and mortgage requirements in one place to run multiple lender affordability checks in one go.”
“The feedback from our users has been overwhelmingly positive and we know this could be a real game-changer for adviser efficiency at a time where affordability is a key consideration for both lenders and borrowers.”
Neil Wyatt, sales & marketing director at Mortgage Brain, adds: “Affordability Hub marks a change in the way that advisers are able to source the best product for their client, allowing them to quickly establish precisely how much various lenders will offer their client, providing a full audit trail along the way.”
“The fact that so many advisers, large and small, are already making it an integral part of their sourcing process demonstrates the difference it is already making advisers’ workloads and their businesses.”