The first phase will enable advisers in the networks to enter information on clients’ property, income, debt and expenditure in order to generate a range of potential lenders.
Providers linked to the platform include Accord, Bank of Ireland, Barclays, Hinkley & Rugby, Halifax, HSBC, M&S, Nationwide, NatWest, Post Office, Precise, Principality, Santander, Scottish Widows, TSB and Virgin.
The results will be collated and presented in a table format to include the maximum lending amount based on either property, customer circumstances, or both.
A screenshot of the lenders’ results will be held as a record of compliance and to assist the advice-giving process.
Access to lending potential
Affordability Hub aims to provide advisers with a single platform showing the amount lenders are prepared to lend, rather than an agreement from one lender to the amount requested.
Mortgage Brain said by the end of the pilot it expected 30 lenders to be added on the hub with further phases to see more partners pilot test the platform.
Enhancing the mortgage process
Mark Lofthouse (pictured), chief executive at Mortgage Brain, said: “We’re delighted that our partners, Countrywide and Openwork, are supporting the Affordability Hub pilot in its first phase.
“This pilot marks an important stage in Mortgage Brain’s drive to digitally enhance the mortgage process and transform sourcing.”
Peter Curran, managing director, financial services, at Countrywide, said: “The addition of Affordability Hub into our portfolio will transform the mortgage process, placing more information in the hands of advisers faster than ever.”
Paul Shearman, proposition director at Openwork, said: “We’re delighted to support the pilot of Affordability Hub because it offers our advisers a streamlined mortgage sourcing process, providing them clearer and more detailed information.”
Affordability Hub will be offered with Mortgage Brain sourcing and Criteria Hub licenses at no additional charge.
Mortgage Brain’s online and offline sourcing systems, MortgageBrain Anywhere and MortgageBrain Classic, will be updated next year to include Criteria Hub and Affordability Hub.