Ipswich Building Society goes live on Affordability Hub
14 December 2020
UK, December 14 2020: Ipswich Building Society has become the latest lender to go live on Affordability Hub, the affordability-based sourcing system from mortgage technology expert Mortgage Brain.
Affordability Hub is available to the whole market and is offered complimentary to advisers who are fully registered users of Criteria Hub, Mortgage Brain’s criteriabased sourcing solution, through their existing licence.
Affordability Hub offers advisers the opportunity to bring together information about their client ‒ from the property they plan to borrow against, to their income, expenditure, and debt ‒ in a single standardised form. This is then run through the affordability calculators of participating lenders, providing advisers with details of precisely how much their client could potentially borrow ‒ and from whom ‒ in less than a minute. Each step of the calculation is recorded, ensuring advisers enjoy a fully compliant audit trail, while any assumptions, deal-breakers or exceptions are clearly highlighted.
The sourcing solution formally launched earlier this year, and the addition of Ipswich Building Society means that well over thirty lenders are now live on Affordability Hub. These lenders account for around 85% of the mortgages sold in the UK.
Charlotte Grimshaw, Head of Mortgage Sales at Ipswich Building Society commented: “Affordability Hub is an exciting development and we are pleased to be a part of it. As a forward-thinking lender, we are always keen to support any innovations that can provide time-saving benefits to advisers, and which help make the whole mortgage process more efficient.”
Neil Wyatt, Sales & Marketing Director at Mortgage Brain, said: “We are delighted to welcome Ipswich Building Society onto Affordability Hub. It’s exciting to see lenders recognise what a difference this system can make and embrace it. The feedback that we have had about Affordability Hub makes clear what a dramatic impact it is having on the workloads of advisers, who no longer have to spend hours rekeying their client’s details into each lenders’ affordability calculators individually in order to confidently answer the question of how much that client may be able to borrow.”
