Money Dashboard has introduced the Mortgage Affordability Tool (MAT), a new product targeting the growing demand to ease the burden of accurately assessing consumer affordability.

The launch was announced at the Council of Mortgage Lenders’ inaugural conference on Digital Innovation in the Mortgage Market earlier this week. The MAT will be initially launched to existing Money Dashboard customers in conjunction with The Right Mortgage Network.

The MAT aims to help customers see their personal finances from a lender’s perspective, understand what mortgage they can afford and get better advice from brokers and advisers. It automatically collates the client’s last three months of bank statements, whether they have one provider or many, analyses them and then transmits the findings directly to the broker’s CRM system.

Steve Tigar, CEO of Money Dashboard, said: “Following the Mortgage Market Review in 2014, customers, brokers and lenders have all been subject to more stringent assessments on mortgage affordability. This is costly and time consuming for the lender and broker, but it is also invasive, confusing and stressful for the customer. We bring easy, quick clarity for the customer and a fast, automated, standardised system for the broker or lender.

“We’re really excited to partner with the Right Mortgage Network. They have an obvious and clear interest in understanding their client’s needs in detail and in developing long term and lasting relationships with them.”

Martin Wilson, CEO of The Right Mortgage Network, added: “This is a fantastic tool for today’s consumers, giving them up-to-date current information regarding their financial circumstances complementing the busy lives of today’s working people.”

The MAT is also available as a plug-in for both brokers and lenders’ CRM systems, and consumers who access the MAT via this route will also be given access to Money Dashboard’s core Personal Financial Assistant functions.