Integration of affordability-research platform with AI-powered tool
Developer Mortgage Broker Tools (MBT) has integrated its affordability-first research platform with MPowered Mortgages, providing lending for homebuyers and remortgages.
MPowered Mortgages employs artificial intelligence and regional BDMs to optimise the mortgage process, providing loan sizes up to 5.5x loan to income.
MBT’s platform for brokers was designed to deliver accurate results across affordability, criteria, product rates, and credit status. Brokers can get the results from all lenders in under one minute without estimates.
Through the research platform, brokers get a full compliance audit trail. The tool provides one document detailing the chosen product as well as how it has been selected based on the combined considerations.
In a statement, MBT CEO Tanya Toumadj (pictured) pointed out that affordability was still a top consideration for customers and brokers as higher rates and the increased cost of living affected borrowing power - despite the slip in house prices.
“A growing number of lenders are rising to this challenge, taking a more data driven approach to developing targeted affordability propositions, and MPowered Mortgages is a good example of a lender is harnessing technology to deliver higher LTI ratios than brokers might ordinarily expect,” Toumadj said.
In May, annual house price growth in the UK dropped to -3.4% from -2.7% in April, according to the Nationwide Building Society.
May this year also saw a 0.1% month-on-month fall in house prices, with average house prices at 260,736 remained 4% below their August 2022 peak.
MPowered Mortgages CEO Stuart Cheetham also commented on the announcement, saying clients’ best option did not come from a mainstream lender but a “rising, forward-thinking one like MPowered Mortgages.”
“Integrating with MBT will enable brokers to quickly and easily research and compare our innovative proposition against more orthodox mortgage offerings, and we are confident that this will help brokers to better serve their clients,” Cheetham added.
