4.03 USAGE
Registrations for affordability systems are significantly lower than for other sourcing systems or criteria platforms.
BrokerSense has seen its user base rise fourfold over past years, while MBT Affordability has overseen an increase from 1,200 individuals in 2019 to “a few thousand”.
Figure 4.04: Number of registered users
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91% of individuals registered for Affordability Hub have actually used the system over the 12-month period, while around one-third of BrokerSense’s registered users did.
MBT Affordability did not disclose a figure, but stated that, as it launched in the summer 2019, the majority of its growth has been over the past 12 months.
Figure 4.05: Number of registered users who used the system in the 12 months ending 30/09/20
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Two of the affordability platforms have made significant strides over the past year to come to agreements with a number or networks and mortgage clubs. For example, MBT Affordability’s only special arrangement with a distributor 12 months ago was with Connells Group and a year on it had 10 agreements in place.
BrokerSense takes a different approach, opting to make the platform open to all regulated mortgage brokers.
Figure 4.06: Networks and mortgage clubs with a distribution arrangement
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Millions of individual affordability searches have been conducted by all three platforms. Since its launch in May 2020, Affordability Hub has been used for over 140,000 affordability searches, which it says is the equivalent of over 4.5m individual affordability searches if brokers were to log into each lender calculator directly.
Meanwhile, MBT Affordability says that the near-10 million searches conducted using its platform were for mortgages totalling £80 billion.
Figure 4.07: Number of searches performed in the 12 months ending 30 September 2020
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This data was collated in January 2021. Trek Publishing Limited accepts no liability for loss or damage to material submitted for publication.
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