Executive says market needs more awareness of the affordability platforms on offer
Nearly eight in 10 brokers (79%) did not try different affordability platforms before choosing the one they currently use, research by Mortgage Broker Tools (MBT) has found.
The survey of more than 400 brokers revealed that while 70% said they use an affordability platform as part of the research process on at least two thirds of their cases, only one in five shopped around for the best platform.
The research comes from MBT’s Affordability White Paper, which was commissioned as an independent study into the changing affordability landscape, how brokers integrate affordability into their advice process, and how affordability can increase the number of lenders considered for a client, often changing lender recommendation.
“It was encouraging that the researchers found so many brokers use technology to assist their affordability research, but also surprising that such a large number of brokers just settle for the first platform they use. There are many different options available now and some are better than others,” Tanya Toumadj (pictured), chief executive at Mortgage Broker Tools, said.
“For example, 64% of brokers said that accuracy was the most important feature of an affordability platform to help ensure they are selecting the most suitable lender, rather than just submitting a case and hoping for the best. However, different platforms offer different levels of accuracy.”
Toumadj pointed out that the market requires a bit more awareness of the platforms on offer for brokers, and brokers could shop around first before jumping on board.
