Advisers have carried out affordability searches for mortgages worth a total of more than £1.5bn on Mortgage Brain’s Affordability Hub.
The roll-out of the affordability-based criteria sourcing solution began in May, and it has since secured more than 1,000 new users.
After filling out a standard form covering information about the borrower and property, Affordability Hub runs the data through selected lenders’ affordability calculators.
A summary of how much the various lenders will consider lending the client together with a report, including screen shots, provides advisers with a full audit trail to support compliance.
Affordability Hub was initially rolled out to users of Mortgage Brain’s criteria-based sourcing solution Criteria Hub, ahead of being made available to users of Mortgage Brain Anywhere and Mortgage Brain Classic.
Stuart Gardner, senior financial adviser at Sanderson Financial, said: “Today I had already sourced for a client as I knew the specific lender criteria on income types.
“However, I input the details on Affordability Hub to use the software as an experiment for the same client; if I had done this earlier in the day, I would’ve saved a lot of time, as the results confirmed my findings in just a few data input screens.
“This is without doubt, the best facility I have ever used.”
Mark Lofthouse, CEO at Mortgage Brain, said: “Advisers know only too well that one of the first things any client wants to know is how much they will be able to borrow.
“Affordability Hub is like ‘Skyscanner for mortgage affordability’ and allows them to swiftly answer that question and provides them with the option of sourcing by affordability as well as product availability and criteria.
“The fact that over 1,000 new users have adopted Affordability Hub in a matter of weeks and mortgages worth a total of more than £1.5bn have already been sourced shows how valuable this service is for advisers and their customers.”