Mortgage Broker Tools (MBT) has now surpassed 2 million affordability searches on the platform – less than two years after hitting its 1 million milestone.
This rapid growth reflects increased broker adoption of the platform as more brokers take anaffordability-first approach to research and a growing number of firms integrate MBT directly into their mortgage advice process.
Launched in 2019 as the first platform to recognise the importance of specialist affordabilitysourcing, MBT has become a core part of the mortgage process for brokers, helping them to find the most suitable lending options based on a combination of affordability, criteria, product rates and credit status.
MBT recorded 1 million affordability searches in 2023 within four years of launching and has now reached 2 million cases less than two years later.
Tanya Toumadj, CEO at Mortgage Broker Tools, says:
“The fact that MBT has now delivered more than 2 million affordability searches shows how important this part of the mortgage process has become. A recent report found that just under a third of property sales fall through, with the most common cause being ‘difficultysecuring a mortgage’.
“As cases become more complex and lender criteria more nuanced, finding the right lender to meet a customer’s affordability requirements is increasingly important – and brokers are turning to technology to make research faster, more accurate and more consistent.
“As part of this increased demand, we have seen a big uplift in the number of brokers using API integrations to embed MBT into their advice process. Where integrations are in place, affordability searches are run automatically on 100% of cases.
“It’s a great example of tech taking the strain, helping to deliver better outcomes for customers while also improving efficiency and compliance for advisers.”
