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Brokers end up with unexpected lender after using affordability tools – MBT
Looking at affordability before using traditional sourcing tools means brokers are likely to find a lender they had not considered at the outset, according to a survey.
Nine out of 10 brokers end up recommending an unexpected lender when assessing affordability from the start, Mortgage Broker Tools found in a survey of 400 brokers.
Almost eight out of 10 brokers said they regularly use mortgage affordability platforms to help with their cases.
Tanya Toumadj, chief executive at Mortgage Broker Tools (pictured), said: “At MBT, we process a huge amount of data from live broker cases, which tells us that the choice of lender can make a significant difference to the loan size that is offered to a customer.
“So, we wanted to better understand how brokers embed affordability research into their advice process and whether this really does influence their choice of lender.
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“This study, which was carried out independently, offers conclusive evidence that affordability research at the outset is now commonplace amongst brokers and that it has a significant influence on their choice of lender, with nine in 10 brokers saying they have recommended a lender they had not previously considered based on affordability.”