Click2Check has urged financial advisers to tighten their processes as lenders continue to pull rates and tighten affordability rules amid the current market turmoil.

The open banking provider issued the warning amid the economic impact from the conflict in the Middle East hitting the UK’s housing market.

Latest data from Moneyfacts has shown that homeowners’ choice of mortgage deals has shrunk by nearly a fifth over the past couple of weeks, with around 1,500 deals pulled since the start of March.

With lenders adjusting criteria and affordability margins tightening, Click2Check warned that small discrepancies or missing information could lead to a higher risk of cases being declined.

The company’s CEO, David Jones, said it is “more important than ever” for advisers to get clarity on a client’s financial position before an application is submitted.

“In today’s rate environment, advisers cannot afford uncertainty,” Jones commented.

“Lenders are scrutinising applications more closely than ever and if the information is out of date or incomplete, then the case will be delayed or at worse rejected, meaning more work for advisers and customers potentially losing their rate.”

He added: “By removing manual data gathering and reducing back and forth, advisers can progress cases faster and with far greater accuracy. This reduces the likelihood of surprises, delays, or declines, protecting both the adviser’s reputation and the client’s outcome.”

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