UK, March 09 2021: Advisers have broken through the £20bn barrier of affordability
searches on behalf of their clients using Affordability Brain, the affordability-based
sourcing solution from mortgage technology expert Mortgage Brain. Mortgage
Brain has transformed mortgage sourcing by combining affordability with product
and criteria sourcing.
Advisers have quickly recognised the time-saving benefits of Affordability Brain, with the volume of searches conducted on the system doubling since August 2020. In January 2021, more than 15,000 unique adviser searches took place. The unique feature within the platform identifies lenders available products from Mortgage Brain’s product sourcing systems, allowing advisers to quickly and easily identify those lenders that are not only affordable but also have a product for the transaction type required.
In January 2021, results revealed that lenders were found to be both affordable and have a suitable product available 35.02% of the time which is up from the 2020 average of 33.24%. The average loan size searched for on Affordability Brain in January stood at £215,009, while the average loan-to-value (LTV) grew to 71.43%.
Affordability Brain is a ground-breaking mortgage innovation, allowing advisers to source products for their clients based on the affordability tests employed by different lenders. A single, standardised form brings together all of the relevant information for the case ‒ from the value of the property to the income and expenditure of the client ‒ which is then run through the calculators of partner lenders. In less than a minute, advisers are able to establish precisely how much that client may be able to borrow, while the recording of each step of the calculation ensures that advisers benefit from a fully compliant audit trail.
Affordability Brain has welcomed a host of new lenders onto the system recently, including the likes of Leeds Building Society, Pepper Money, Ipswich Building Society and Harpenden Building Society. As a result, advisers can now include 35 lenders when undertaking affordability-based sourcing for their clients.
Neil Wyatt, Sales & Marketing Director at Mortgage Brain, commented: “Affordability Brain continues to go from strength to strength, as demonstrated by the increasing roster of lenders available on the sourcing solution and the sharp increase in searches being conducted on Affordability Brain by advisers. We know that one of the first ‒ and most important ‒ questions an adviser faces from any client is how much they can borrow, and Affordability Brain provides them with the means to answer that question quickly and accurately, while also delivering a compliant audit trail to support their advice. It’s a complete gamechanger.”