An aggregator platform that collates results from mortgage affordability calculators of more than 25 lenders, including all the big six, has been launched.
Mortgage Broker Tools (MBT) Affordability platform will search a range of lenders’ calculators in one search.
Brokers using the tool will have access to a single calculator that automatically completes the individual lender calculators and collates the results.
It also keeps a record of all cases and affordability results, providing an automatic compliance audit trail that demonstrates the best affordability research.
Case details can be amended at any time and affordability can be re-queried when necessary.
MBT said: “There are no approximations or estimates as the approach ensures 100% accurate affordability results every time.”
It added that the tool would be particularly valuable for complex cases with: joint applicants; PAYE income, company directors, IT contractors and self-employed; loan and credit commitments; and properties in the background.
The lenders available at present are: Accord, Aldermore, Bank of Ireland, Barclays, Clydesdale, Coventry Building Society, Halifax, HSBC, Kensington, Kent Reliance, Leeds Building Society, M&S Bank, Nationwide, NatWest, Newbury Building Society, Newcastle Building Society, Platform, Post Office, Principality, Santander, Scottish Widows, Skipton Building Society, Tesco, TSB, Virgin, WestBrom Building Society.
More right AIP decisions
Mortgage Broker Tools managing director Lewis Lenssen (pictured) noted that affordability was very important to borrowers when it comes to buying a home or capital raising in today’s market.
“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,” he said.
“It helps brokers to work smarter, deliver better outcomes for their clients and demonstrate a clearer audit trail.”
Jonathan Clark, mortgage partner at broker firm Chadney Bulgin, said: “We run all cases through MBT Affordability as it quickly provides us with a comprehensive and accurate affordability assessment which leads to more right first time AIP decisions.”
The platform is available on a pay as you go basis, with no long-term commitment and a free trial period.