In the year since it was launched by Mortgage Brain, the Affordability Hub mortgage search system has been used to find loans worth a total of over £37 billion.
Mortgage Brain gave this system a full rollout just over one year ago, after the trial proved a success, and it appears to have quickly become central to advisors’ working lives. In particular, this year seems to have brought a big increase in the number of advisors using Affordability Hub to seek out loans for their clients, with £20 billion worth of searches already compared with £17 billion for whole of 2020.
May proved to be an especially active month, as advisors used the system to source loans valued at £4 billion during the course of it.
There has also been a rise in the number of mortgage lenders that are active on the system during the past 12 months, to 35 in total. Among the major lenders that have joined during that period are Ipswich Building Society, Pepper Money and MPowered Mortgages.
Mortgage Brain’s Marketing and Sales Director Neil Wyatt told Mortgage Introducer that a big issue for clients of advisors was the amount lenders would be willing to offer them, adding:
“Affordability Hub has allowed advisors to answer that question quickly and with confidence driven by the fact that the results are obtained directly from each lender’s own affordability calculator.”
Like being able to do their CeMAP course online, this is another example of tech making the lives of advisors easier.