It is understandable that mortgage advisors without much experience may find affordability calculators like the one offered by Mortgage Broker Tools (MBT) helpful. However, this sort of research tool can also be useful to established advisors who have taken a CeMAP course and have years of industry knowledge, for several reasons.
Firstly, many mortgage lenders change their affordability algorithms at times without warning, which can catch out even qualified and experienced advisors. Using an affordability platform to check the calculation early in the application process will ensure that advisors don’t waste their time and that of their client on applications they won’t be able to afford.
This leads to the second reason why this sort of tool can be helpful to an experienced advisor. Customers looking for a mortgage are rarely loyal to one advisor. They just want someone who can find a loan that meets their needs. Researching affordability using a platform like the MBT calculator will help advisors avoid losing customers to a competitor who has done this sort of background work.
Another reason is that offering good mortgage advice is about more than just finding the cheapest available loan. It is also about finding lenders who fit the bill for the customer. Affordability platforms let advisors compare lenders and show customers the potential advantages and drawbacks of each, before offering in-depth advice.
Like CeMAP training courses, affordability platforms are another tool that can help advisors deliver the best possible service.
