Money Dashboard creates online affordability tool
Money Dashboard has created an online platform designed to increase the efficiency of consumer affordability assessments.
The Mortgage Affordability Tool (MAT) helps customers understand how lenders examine the finances of potential clients.
The system increases the efficiency of affordability checks by analysing three months’ bank statements and transmitting findings directly to the broker’s CRM system.
Steve Tigar, chief executive of Money Dashboard, said: "Following the Mortgage Market Review in 2014, customers, brokers and lenders have all been subject to more stringent assessments on mortgage affordability. This is costly and time consuming for the lender and broker, but it is also invasive, confusing and stressful for the customer. We bring easy, quick clarity for the customer and a fast, automated, standardised system for the broker or lender".
Rory Bailey, head of operations, added: "The MAT empowers consumers by showing how their unique financial behaviours are likely to affect their affordability before they even apply for credit. The detail, speed and provenance of the data provided to brokers and lenders will catapult the industry into the forefront of the technological era, driving efficiency, compliance and competition".
The MAT will be made available to existing Money Dashboard customers in conjunction with The Right Mortgage Network.
Martin Wilson, chief executive of The Right Mortgage Network commented; “This is a fantastic tool for today’s consumers, giving them up-to-date current information regarding their financial circumstances complementing the busy lives of today's working people.”
The MAT is also available as a plug-in for both brokers and lenders' CRM systems. Consumers who access the MAT via this route will also be given access to Money Dashboard's core Personal Financial Assistant functions.
