x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

Mortgage technology expert to roll out Affordability Hub

Mortgage Brain has announced that it is rolling out its affordability-based sourcing solution Affordability Hub following a successful pilot.

The three main elements when sourcing the most appropriate mortgage are products available, criteria and affordability. 

The roll out of Affordability Hub, initially being rolled out to users of Mortgage Brain’s criteria-based sourcing solution Criteria Hub over the coming months, ensures that intermediaries can use all these elements to best match a client’s needs to products available.

Advertisement

Affordability Hub allows intermediaries to input information about the borrower and property in a standard form. Affordability Hub sends this to lenders’ affordability calculators and collates the results. It then provides intermediaries with a comprehensive summary of how much lenders will consider lending as well as recording each stage of the lender’s affordability calculation, ensuring they have a full audit trail to support their advice from a compliance perspective.

 

There are currently 27 lenders live on Affordability Hub, including Accord, Bank of Ireland, Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest, Santander, Skipton Building Society and Virgin Money. These 27 Lenders account for around 85% of the mortgages sold in the UK.

Mark Lofthouse, CEO of Mortgage Brain, said: “The ability to deliver affordability together with product and criteria sourcing enables intermediaries to give the best advice to their customers. Throughout the pilot of Affordability Hub, intermediaries have told us that this system has transformed their advice process. The ability to access a single system which provides them with information from a host of lenders around precisely how much they are willing to lend their clients helps to deliver the best advice.”

“We are thrilled to be rolling out Affordability Hub, making it available to thousands of intermediaries in the coming weeks as we continue to transform mortgage sourcing through investment and innovation.”

Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.

icon

Please login to comment

MovePal MovePal MovePal
sign up