Mortgage Brain Press Release: More than £37bn of searches carried out in Affordability Hub’s first year
29 June 2021
UK, June 29 2021: Searches for mortgage loans worth more than £37bn have been carried out on Affordability Hub, the affordability-based sourcing system from mortgage technology expert Mortgage Brain.
It is now just over 12 months since the innovative sourcing solution was rolled out to the market, following a successful pilot. The value of the loans searched for on the platform has increased sharply over this period, with £17bn of loans submitted on the platform in 2020, while loans worth £20bn have been searched for during 2021 already. Searches worth £4bn were undertaken in May 2021 alone.
Mortgage advisers can input information about the borrower and property into a single standard form, which Affordability Hub then runs through the affordability calculators of participating lenders, providing advisers with a comprehensive summary of what the client may be able to borrow from various lenders as well as a fully compliant audit trail.
The number of lenders live on Affordability Hub has grown to 35 over the last year, with an average of 24 lenders selected for each search. Recent additions to the platform include MPowered Mortgages, Pepper Money and, Ipswich Building Society.
Previous research by Mortgage Brain has revealed that typically mortgage advisers visit the affordability calculators of up to six lenders for a single case, demonstrating the value of Affordability Hub in providing greater visibility to lenders across the market, particularly specialist lenders who may not have been included in manual adviser research.
Neil Wyatt, sales and marketing director at Mortgage Brain, commented: “One of the big questions mortgage advisers have to field from their clients is how much they may be able to borrow. Affordability Hub has allowed advisers to answer that question quickly and with confidence driven by the fact that the results are obtained directly from each lender’s own affordability calculator. We know that time is precious to advisers and going through individual lender affordability calculators can be a lengthy process, which is why we designed Affordability Hub to help advisers to work more efficiently and make it easier for them to obtain multiple affordability results for their clients.”
