Smaller lenders ‘the key to meeting affordability requests’: Mortgage Broker Tools

Essex Home Finance
Carrying out whole of market research that includes smaller lenders is the key for brokers in being able to source the loan sizes requested by their clients, according to data from MBT Affordability.
The latest Finance and Property News2

Carrying out whole of market research that includes smaller lenders is the key for brokers in being able to source the loan sizes requested by their clients, according to data from MBT Affordability.

Data from the MBT Affordability platform shows that in September there were only one or two lenders able to provide the loan size requested by brokers on 13% of all searches.

Where lenders were able to meet the requested loan amount on these cases, 71% were smaller lenders and only 29% were larger mainstream lenders,

Tanya Toumadj, CEO at Mortgage Broker Tools, said:

“This data provides clear evidence that brokers who are not conducting full affordability research of the whole market are not giving their clients the best chance of securing the loan size they need to achieve their objectives. In September just four of the top 10 lenders for affordability were mainstream lenders, meaning that brokers were more likely to secure the loan amount requested by their clients with a smaller lender.

“These are lenders that brokers may not immediately consider and, even if they do, may be unfamiliar with their affordability calculators, which can lead to missed opportunities and incorrect recommendations.

“This is where an accurate affordability platform like MBT Affordability can help, with a single easy to use form that accesses affordability calculations from more than 40 residential mortgage lenders and 65 buy to let lenders, providing a diverse range of results from mainstream lenders and smaller lenders alike.”

Original Article from Financial Reporter 06/11/2020

Get In touch

Leave this field blank
Mobile / Home Number
Please choose the closest match to your Mortgage Needs
  • Choose
  • First Time Buyer
  • Help To Buy
  • Homemover
  • Remortgage
  • Buy to Let
  • Equity Release
  • Insurance
  • Home Utilities
  • Nothing found
Essex Home Finance

(01245) 398466

Call Anytime

Address : 8 Kingsdale Business Centre, Regina Road, Chelsmford, Essex, CM1 1PE

Essex Home Finance Ltd is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only.

Registered address: 1 High Street, Chelmsford, Essex, CM1 1BE.

Registered in England & Wales under number 10607263.

Your home may be repossessed if you do not keep up repayments on your mortgage.

We do not charge for Residential First Time Buyers, Residential Home Movers, Residential Remortgage, and all Product Transfers (Residential or Buy to Let).

There will be a fee for all Buy to Let Purchase and Buy to Let Remortgage cases. Typically our fee will be £149, payable on Offer. We will agree any fees with you before we proceed with your case.

There will be a fee for all Equity Release Mortgage cases. Typically our fee will be £695, payable on Offer. We will agree any fees with you before we proceed with your case.

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. 

Our advice is covered under the Financial Ombudsman Service.  You may be able to submit a claim through the  EU Online Dispute Resolution Platform If you live outside the United Kingdom or if you prefer not to deal directly with the Financial Ombudsman Service.