The Affordability Hub integrates with the provider’s technology solution and will give advisers with a single platform to assess the affordability of a mortgage from more than 30 lenders in the UK.
Mortgage Brain said that by taking this approach it would mean expectations were correctly set as part of the advice process.
The adviser provides information on the property, income, debts and expenditure and the Affordability Hub sends this to the lenders’ affordability calculators.
Results are collated and presented graphically and also in a table that displays the maximum lending amount offered based on property, customer circumstances or both.
A snapshot of the lender’s results is also retained and this, together with the results, provides a comprehensive compliance record to support the advice given.
‘New level of transparency’
Mark Lofthouse, CEO of Mortgage Brain (pictured) said: “By providing the adviser with the amount lenders are prepared to lend, we challenge the current process of the lender agreeing to lend a specific amount.
“Advisers, and in turn their customers, will have a new level of transparency on the range of affordable mortgage options from a wide range of lenders.”
Lofthouse noted that the acquisition of Criteria Hub and its criteria-based sourcing had been very well received by the market and that the affordability portal would add to this service.
This new service will be included with Mortgage Brain’s sourcing and Criteria Hub systems at no additional charge.
It will go into pilot in Q4 of this year and will then be made available to all Mortgage Brain and Criteria Hub users following a successful pilot.
The Affordability Hub will be presented to brokers in a roadshow starting this month.