Mortgage Brain has revealed that over £20bn barrier of affordability searches have been made by mortgage advisers on behalf of their clients using Affordability Hub.
The volume of searches conducted on the affordability-based sourcing solution has doubled since August 2020. In January 2021, more than 15,000 unique adviser searches took place.
In January 2021, results revealed that lenders were found to be both affordable and have a suitable product available 35.02% of the time which is up from the 2020 average of 33.24%. The average loan size searched for on Affordability Hub in January stood at £215,009, while the average loan to value (LTV) grew to 71.43%.
Affordability Hub has welcomed a number of new lenders onto the system recently, including the likes of Leeds Building Society, Pepper Money, Ipswich Building Society and Harpenden Building Society. As a result, advisers can now include 35 lenders when undertaking affordability-based sourcing for their clients.
Neil Wyatt, sales & marketing director at Mortgage Brain, said: “Affordability Hub continues to go from strength to strength, as demonstrated by the increasing roster of lenders available on the sourcing solution and the sharp increase in searches being conducted on Affordability Hub by advisers.
“We know that one of the first ‒ and most important ‒ questions an adviser faces from any client is how much they can borrow, and Affordability Hub provides them with the means to answer that question quickly and accurately, while also delivering a compliant audit trail to support their advice. It’s a complete gamechanger.”