Mortgage Broker Tools has released a new platform, ‘MBT Affordability’.
The tool comprises an affordability counter that, MBT says, searches products provided by all mainstream lenders.
MBT says that it has been designed to address the FCA’s concerns over brokers using a small number of lenders when they conduct research.
The platform automatically completes each individual lender’s calculator and collates the results, with reportedly no approximations or estimates, as the firm claims the calculator provides 100 per cent accurate results every time.
MBT Affordability stores a record of all cases and affordability results.
Furthermore, case details can be amended at any time and affordability can be re-queried.
Nationwide, HSBC and Clydesdale are included in the approximately 25 lenders included in the tool at launch.
Mortgage Broker Tools managing director Lewis Lenssen comments: “MBT Affordability saves time on every case, but is particularly valuable on cases with complex income, loan and credit commitments and properties in the background.
“There are no long contracts and no set-up costs.”
Metro Finance managing director Jon Lord adds: “MBT Affordability allows advisers to focus on advice rather than form filling.”