CEO says finding is expected, but unanimity is not
Ninety-four percent of brokers agree that affordability has become more complex in the last 12 months, compared to the 86% of brokers who said the same last year.
New data from mortgage solutions provider Mortgage Broker Tools found that the percentage of brokers who believed affordability had become more complex over the past year had shot up by 8% to an overwhelming majority.
The same research showed that 89% of brokers also felt they had to work harder now than this time last year to secure the loan size their clients wanted.
Mortgage Broker Tools CEO Tanya Toumadi said that given the cost-of-living crisis and consecutive rate hikes that plagued the past year, the findings were almost “an obvious statement”. Still, Mortgage Broker Tools found the near unanimity in brokers’ voices surprising.
“Affordability is quickly becoming the biggest issue in the mortgage market, and we have certainly seen an uplift in the number of brokers registering to use Mortgage Broker Tools,” Toumadi said. “As complexity increases, accuracy becomes even more important, and Mortgage Broker Tools offers brokers the most accurate affordability platform available in the market.”
Since its inception more than three years ago, Mortgage Brokers Tools has made its mission to connect customers to the right mortgage lender through brokers, while supporting each player’s experience through technology.
Mortgage Brokers Tools Affordability launched in 2019 as the first platform to recognise the significance of specialist affordability-sourcing in the mortgage market.
Recent research shows that just over half of all brokers (58%) bother to search outside of the country’s top 10 lenders, despite the difference in affordability results. In almost all cases (73%), the top choice for affordability is not among the top 10 lenders.
Mortgage Brokers Tools’ residential mortgage affordability platform provides brokers with a single, user-friendly eligibility calculator based on affordability and criteria for over 40 residential mortgage lenders and more than 65 buy-to-let lenders. Results are delivered in less than a minute and guarantee accuracy rather than mere estimates each time.