Advisers have surpassed the £20bn mark of affordability searches on behalf of their clients using Affordability Hub, according to Mortgage Brain.
In January 2021, more than 15,000 unique adviser searches took place.
The data also shows that in the first month of the year, 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 Hub in January stood at £215,009, while the average LTV grew to 71.43%.
Affordability Hub allows 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.
Advisers can now include 35 lenders when undertaking affordability-based sourcing for their clients.
Neil Wyatt, sales and marketing director at Mortgage Brain, said: “Affordability Hub 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 Hub 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 Hub 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 game changer.”