Mortgage brokers are calling on lenders to take a more “affordability-driven approach” to product development, new research from Mortgage Broker Tools (MBT) has indicated.
An independent survey conducted among more than 400 brokers suggested there is a clear demand for lenders to make greater use of available affordability data in their product development.
However, MBT revealed that its research found brokers are not confident all lenders will choose to take this approach.
Just 19% said they thought that all lenders would take a more affordability-driven approach to product development, while 28% said that only the smarter lenders would go down this route. The remaining brokers said they would like to see this happen, but did not have confidence that it would.
MBT CEO, Tanya Toumadj, said the findings confirm that affordability is a “key issue” for brokers and their clients.
“It forms an integral part of the advice process and has a significant bearing on their choice of lender,” Toumadj commented.
“Lenders are increasingly working on a more data and affordability-driven approach to product development. We are already working with a number of lenders on developing their propositions based on millions of data points taken through real cases processed through MBT Affordability.”
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