Mortgage Broker Tools (MBT) has integrated credit status into its affordability-first research platform.

This new launch means MBT now integrates affordability, criteria, sourcing and credit status into one research platform.

MBT now includes questions that capture whether clients have missed payments, defaults, CCJs, payday loans, bankruptcies, IVAs, DMPs and repossessions, which may impact the selection of mortgage lenders that are available to them.

The results displayed by MBT will list the product category and credit tier that is best suited from each lender, which is critical when over 12 lenders have multiple product tiers based on different credit criteria. MBT results will also take into account how maximum LTVs restrict adverse credit accepted, which is applicable for a number of lenders as well.

It gives brokers a full compliance audit trail, providing one document that details the chosen product alongside and how it has been selected based on the combined considerations.

Tanya Toumadj (pictured), CEO at Mortgage Broker Tools, said: “Recommending the right mortgage for a client is based on a complex combination of factors that best fit their circumstances and requirements.

“Affordability has long been one of the biggest issues in the mortgage market, but the ongoing cost-of-living crisis and rising interest rates mean missed payments are becoming a more frequent occurrence and credit now ranks alongside affordability as a prominent consideration.

“In April alone, consumer group Which? said two million households missed or defaulted on mortgage, rent or other key bill, and the Bank of England has said it expects default rates to increase on both secured and unsecured lending.

“This is why, at MBT, we have integrated credit status into our affordability-first research platform, helping to make the most accurate mortgage research platform available in the market even more powerful.

“By using MBT to research the available options for their clients from the outset, brokers can be sure they are considering a wide range of lenders based on comprehensive information. This helps them to make more informed recommendations more quickly. All results from are delivered in under a minute and it gives brokers a full compliance audit trail, providing one document that details the chosen product alongside how it has been selected.”