"The ability to deliver affordability together with product and criteria sourcing enables intermediaries to give the best advice to their customers."
Affordability Hub is initially being rolled out to users of Mortgage Brain’s Criteria Hub and will then be made available to users of the Mortgage Brain Anywhere and Mortgage Brain Classic sourcing systems later in the year.
There will be no added cost for the addition of Affordability Hub and intermediaries taking advantage of the 90-day free trial of Criteria Hub will also have access to Affordability Hub.
There are currently 27 lenders live on Affordability Hub, including Accord, Bank of Ireland, Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest, Santander, Skipton Building Society and Virgin Money. These 27 Lenders account for around 85% of the mortgages sold in the UK.
The Affordability Hub pilot initially commenced with Countrywide and Openwork Advisers, during which intermediaries carried out affordability checks for mortgages in excess of £500 million.
Mark Lofthouse, CEO of Mortgage Brain, said: “The ability to deliver affordability together with product and criteria sourcing enables intermediaries to give the best advice to their customers. Throughout the pilot of Affordability Hub, intermediaries have told us that this system has transformed their advice process. The ability to access a single system which provides them with information from a host of lenders around precisely how much they are willing to lend their clients helps to deliver the best advice.”
“We are thrilled to be rolling out Affordability Hub, making it available to thousands of intermediaries in the coming weeks as we continue to transform mortgage sourcing through investment and innovation.”
