Results of a survey showed that 89% of the more than 400 broker respondents ended up using a different lender after assessing affordability using mortgage affordability platforms
Nearly nine in 10 brokers said they have recommended a lender that they did not initially consider on the basis of affordability.
Results of a survey showed that 89% of the more than 400 broker respondents ended up using a different lender after assessing affordability using mortgage affordability platforms.
“This study, which was carried out independently, offers conclusive evidence that affordability research at the outset is now commonplace among brokers and that it has a significant influence on their choice of lender, with nine in 10 brokers saying they have recommended a lender they had not previously considered based on affordability,” Tanya Toumadj, chief executive officer at Mortgage Broker Tools (MBT), said.
The survey also found that mortgage affordability platforms are already fully embedded in broker processes, with 77% of those surveyed saying they use MBT Affordability on at least two-thirds of their cases.
Read more: The tech company addressing home affordability.
These results come from an upcoming Affordability White Paper, which has been commissioned as an independent study and will be available later this month.
MBT said the researchers undertook a full study of 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 and change lender recommendation.
“We wanted to better understand how brokers embed affordability research into their advice process and whether this really does influence their choice of lender… We are looking forward to releasing more information, with the launch of the whitepaper, later in the month,” Toumadj said.
