The number of mortgage brokers using an affordability system for their cases has seen an increase to result in more brokers working with a larger number of lenders.
Research by Mortgage Broker Tools (MBT) found that the number of brokers who say they now use an affordability system for at least two thirds of their cases has risen to 87% – a significant increase on 70% of brokers who said the same at this time last year.
As a result of more brokers using an affordability system to research their cases, MBT suggested they have also dealt with a wider range of lenders.
This year’s research found that 68% of brokers have worked with between eight and 15 lenders in the last 12 months, which compares to just 53% in last year’s study.
MBT CEO, Tanya Toumadj, said that affordability has become the “primary consideration” in most mortgage applications.
“Brokers are responding to this by making use of technology to assist their research,” Toumadj added.
“Our survey found that more brokers have worked with a larger number of lenders in the last year, as many smaller lenders often provide more attractive affordability options for some customers.
“So, affordability is driving greater consideration of a wider range of lenders, and this is good news for customers if it means they end up with the right mortgage for their requirements.”
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