The platform will include questions on whether clients have missed payments, defaults, county court judgements (CCJ), payday loans, bankruptcies, individual voluntary agreement (IVA), debt management plan (DMP) and repossessions.
The inclusion of this date will allow brokers to quickly and easily consider products from a wide range of lenders across all lending tiers and gives them confidence in recommending the right product.
The results will show product category and credit tiers that are best suited from each lender and will account for how maximum loan to values (LTV) restrict adverse credit accepted.
‘Missed payments a frequent occurrence’
Tanya Toumadj (pictured), CEO at MBT, said: “Recommending the right mortgage for a client is based on a complex combination of factors that best fit their circumstances and requirements.
“Affordability has long been one of the biggest issues in the mortgage market, but the ongoing cost of living crisis and rising interest rates mean missed payments are becoming a more frequent occurrence and credit now ranks alongside affordability as a prominent consideration.”
She added that in April, consumer champion Which? had found two million households missed or defaulted on mortgage, rent or other key bill, and Bank of England figures show that default rates are expected to rise. Toumadj said that this was part of the reasoning for integrating credit status into its platform.
She continued: “By using MBT to research the available options for their clients from the outset, brokers can be sure they are considering a wide range of lenders based on comprehensive information.
“This helps them to make more informed recommendations more quickly. All results are delivered in under a minute and it gives brokers a full compliance audit trail, providing one document that details the chosen product alongside how it has been selected.”
