Mortgage Brain has reported that advisers have now carried out affordability searches for mortgages worth a total of more than £1.5bn on its sourcing solution, Affordability Hub.
The solution was rolled out from the middle of May, initially to users of Mortgage Brain’s criteria-based sourcing solution Criteria Hub, ahead of being made available to users of Mortgage Brain Anywhere and Mortgage Brain Classic.
After filling out a standard form covering information about the borrower and property, Affordability Hub simultaneously runs data through selected lenders’ affordability calculators, with results returned in around a minute.
A summary of how much the various lenders will consider lending the client together with a detailed report, including screen shots, provides advisers with a full audit trail to support compliance, the mortgage technology expert added.
Mortgage Brain CEO, Mark Lofthouse, said: “Advisers know only too well that one of the first things any client wants to know is how much they will be able to borrow. Affordability Hub is like ‘Skyscanner for mortgage affordability’ and allows them to swiftly answer that question and provides them with the option of sourcing by affordability as well as product availability and criteria.
“The fact that over 1,000 new users have adopted Affordability Hub in a matter of weeks and mortgages worth a total of more than £1.5bn have already been sourced shows how valuable this service is for advisers and their customers.”
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