The latest research has found that there has been a sizeable increase in the number of mortgage advisors in the UK who are making use of affordability systems for the majority of applications.
Mortgage Broker Tools (MBT) carried out this research and found that 87% of mortgage advisors are now utilising digital affordability tools for two thirds of mortgage applications or more. By comparison, when MBT conducted a similar survey at the same time in 2022, just 70% of advisors were making use of such tools for two thirds of applications or more.
This shows that mortgage affordability is becoming an ever more important factor in finding loans for clients, which is perhaps not surprising given inflation, rises in interest rates and overall living costs. However, one result of the greater use of systems for calculating affordability is that advisors are now connecting with more lenders on average.
According to the MBT study, 68% of them collaborated with up to 15 different lenders on cases during the past year. In comparison, that was true for just 53% of advisors at the same point in 2022.
MBT CEO Tanya Toumadj told Financial Reporter that affordability was the big issue now and added:
“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.”
Connecting with greater numbers of lenders will help advisors with CeMAP training find affordable mortgage loans for all of their clients.
