Mortgage Brain launches affordability checker

Mortgage Brain launches affordability checker

Fintech firm Mortgage Brain is to launch an ‘affordability hub’ which will allow advisers to check whether, and how much, different lenders are willing to lend to their clients.

The solution, which is currently in pilot mode, aims to provide advisers with a ‘one-stop’ platform where they can assess the affordability of a mortgage from the main lenders in the UK.

When using the hub, advisers input their client’s income, debt and expenditure details alongside information of the property they are looking to buy. This is sent to the affordability calculators of more than 30 lenders in the market.

The hub then shows the adviser how much each lender is prepared to lend — on the property, to the client, or both.

According to Mortgage Brain, the hub offers advisers a “comprehensive and detailed” overview of affordable lending available in the market, meaning that “expectations are set correctly” in the advice process.

The affordability hub also provides brokers with a snapshot of the lenders’ results, providing a record for compliance to support any advice given on the policy.

Mortgage Brain, initially a product sourcing system for brokers, acquired Criteria Hub in March this year as part of “the next phase” of the company’s strategy. This meant brokers could search for both products and lender criteria through Mortgage Brain’s tools.

With the introduction of the affordability hub, Mortgage Brain will offer an end-to-end product sourcing, criteria search and affordability check for brokers.

Mark Lofthouse, 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.”

Nick Morrey, product technical manager at John Charcol, said Mortgage Brain’s tool was a step in the right direction for tech and mortgages and was likely to make brokers’ lives easier on a day-to-day basis.

He added: “Tech and mortgages have been talked about over the past few years to a ridiculous amount and the online searching of products has been around for a while.

“But being able to search through more than 30 lenders’ affordability calculators within a minute or so is a big step forward and has been well received by the industry.”

The affordability tool will be added to Mortgage Brain and Criteria Hub for no extra charge.

Mortgage Brain has further expansion plans as its business Lendex — a lender gateway for brokers to submit applications — is set to go into trial phase later this year.

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