It will go into pilot in Q4 of this year.
Mortgage technologyfirmMortgage Brain haslaunchedAffordability Hubtoprovide advisers with a single platform from which to assess the affordability of a mortgage from lenders.
The adviser will know the amount that lenders are prepared to lend rather than the lender agreeing to a specific requested amount. It will go into pilot in Q4 of this year and will then be made available to all Mortgage Brain and Criteria Hub users for free following a successful pilot.
Mark Lofthouse (pictured), chief executive of Mortgage Brain, said: “Our announcement offers a step change in how advisers can source mortgages. By providing the adviser with the amount lenders are prepared to lend, we challenge the current process of the lender agreeing to lend a specific amount.
“Advisers, and in turn their customers, will have a new level of transparency on the range of affordable mortgage options from a wide range of lenders.
“Following our acquisition of Criteria Hub earlier this year, adding criteria based sourcing to our renowned product based mortgage sourcing solution, has been very well received by the market. Adding an affordability portal provides advisers with the finest technology proposition to enable them to give the best advice and service to their customers.”
The adviser provides information on the property, income, debts and expenditure and Affordability Hub sends this to the affordability calculators from over 30 lenders.
The results are collated and presented graphically and also in a table that displays the maximum lending amount offered based on property, customer circumstances or both.
Furthermore, a snapshot of the lender’s results is retained and this, together with the results, provides a comprehensive compliance record to support the advice given.
Affordability Hub will be presented to advisers at Mortgage Vision, Mortgage Brain’s free national intermediary only roadshow, which will take place from the end of September to end of November.
