Advisers have broken through the £20bn barrier of searches using Affordability Hub, the affordability-based sourcing solution from mortgage technology firm Mortgage Brain.
The volume of searches conducted on the system has doubled since August 2020.
In January 2021, more than 15,000 unique adviser searches took place which identified the products available on Mortgage Brain which are both affordable and had applicable criteria.
The results revealed that lenders were found to be both affordable and have a suitable product available 35 per cent of the time which is up from the 2020 average of 33 per cent.
The average loan size searched for on the hub in January stood at £215,009, while the average loan-to-value (LTV) grew to just over 71 per cent.
Affordability Hub has condensed the affordability tests and calculators employed by 35 lenders into a single, standardised form, also drawing in the value of the property to the income and expenditure of the client. The form calculates the results and offers a fully-compliant audit trail to the adviser.
The latest lenders to join the hub include Leeds Building Society, Pepper Money, Ipswich Building Society and Harpenden Building Society.
Neil Wyatt, sales and marketing director at Mortgage Brain, said: “Affordability Hub continues to go from strength to strength, as demonstrated by the increasing roster of lenders available on the sourcing solution and the sharp increase in searches being conducted on Affordability Hub by advisers.”
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
