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MBT upgrades platform with income calculations and JBSP products

  • 14/01/2022
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MBT upgrades platform with income calculations and JBSP products
Mortgage Broker Tools (MBT) has improved its platform with the addition of bespoke calculations for borrowers earning income through the Construction Industry Scheme (CIS) and umbrella companies, and buyers using joint borrower sole proprietor (JBSP) products.

The additions mean the platform can now provide even more accurate calculations for those who earning income through these channels or those looking to borrow using JBSP products.

Tanya Toumadj (pictured), chief executive at MBT, said its close work with lenders to inform its proposition had showed an emerging theme with CIS, umbrella companies and JBSP products.

She explained: “More lenders are offering specialist solutions in these areas and they calculate affordability in different ways, which means a significant divergence in the loan amount that could be achieved by the borrower.

“For example, when it comes to contractors earning their income through the CIS, most lenders treat these applicants as normal sole traders and base their affordability calculation on the net profit figure from each year’s tax returns. However, there are now 10 of the top 43 lenders that will take the gross weekly wage as if the applicant was employed, rather than the net profit figures.”

Toumadj said this could lead to a “big difference” in loan amount, and added CIS was “becoming a more competitive part of the market”.

She added: “We’re seeing similar competition in the umbrella companies and JBSP space and so it was clear that it was a natural development for the MBT platform to deliver bespoke calculations in these three areas.

“Continual development and improvement is a core element of our business and we never rest on our laurels when it comes to connecting customers to the right mortgage lender through brokers, improving the process and experience for everyone through technology.”

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