Mortgage Broker Tools has found that brokers overwhelmingly want lenders to take a more affordability-driven approach to product development.
An independent survey conducted amongst more than 400 brokers found that there was a clear demand for lenders to make greater use of available affordability data in their product development.
However, the research found that brokers are not confident all lenders will choose to take this approach. Only 19% said they thought that all lenders would take a more affordability-driven approach to product development, while 28% said that only the smarter lenders would go down this route. The remaining brokers said they would like to see this happen, but did not have confidence that it would.
These results come from an Affordability White Paper, which has been commissioned as an independent study and is available now at mortgagebrokertools.co.uk.
Mortgage Broker Tools will also be running two separate webinars – one for brokers and one for lenders – to talk through the results of the research in greater detail, with registration also available on the website.
Tanya Toumadj, CEO at Mortgage Broker Tools, said: “This research has confirmed that affordability is a key issue for brokers and their clients. It forms an integral part of the advice process and has a significant bearing on their choice of lender.
The White Paper reveals what steps brokers are taking to ensure the best affordability results for their clients, what they want lenders to do when it comes to affordability, and what lenders are doing to be more competitive and create data driven affordability products.
“Lenders are increasingly working on a more data- and affordability-driven approach to product development. We are already working with a number of lenders on developing their propositions based on millions of data points taken through real cases processed through MBT Affordability.
“We recommend all lenders and brokers, who are interested in taking a smarter approach to delivering the best outcomes for customers, to download the White Paper or attend one of the webinars and find out how they can use an affordability-first approach to advance their business.”
