A survey conducted by Mortgage Broker Tools (MBT) revealed that 87 per cent of brokers said they used an affordability platform for at least two thirds of their cases. This is a rise on the 70 per cent of brokers who used the technology last year.
This increased use of affordability platforms has coincided with the rising cost of living and increased mortgage costs, which have threatened to dampen the mortgage market.
Brokers using such platforms has resulted in a broader consideration of lenders, with 68 per cent of brokers saying they had worked with between eight to 15 lenders in the last 12 months, up from 53 per cent in last year’s survey.
Tanya Toumadj (pictured), CEO at Mortgage Broker Tools, said: “Affordability has become the primary consideration in most mortgage applications and brokers are responding to this by making use of technology to assist their research.
“Our survey found that more brokers have worked with a larger number of lenders in the last year, as many smaller lenders often provide more attractive affordability options for some customers. So, affordability is driving greater consideration of a wider range of lenders, and this is good news for customers if it means they end up with the right mortgage for their requirements.”
