Where should I start with Mortgage Sourcing?

At Mortgage Brain, we are mortgage technology experts that take pride in providing advisers with products that help them to give customers the best and most accurate advice possible, especially when it comes to sourcing. One question we are often asked is “where should I start with mortgage sourcing?”.

Sourcing is your ‘mortgage research‘ and the main elements can be categorised as:

  • Products available (MortgageBrain Classic or MortgageBrain Anywhere)
  • Criteria (Criteria Hub)
  • Affordability (Affordability Hub)

Covering all three areas enables you to ensure your recommended mortgage fits your customers criteria, is affordable to them, and is the most suitable product.

So where should you start?

The starting point depends on the individual customer and their specific needs. Below are three scenarios highlighting where it would make sense to start your research in each set of circumstances. 

  1. A young professional couple, with no debts, no dependants, both in full-time employment earning £50,000 each, looking to purchase a standard built house for £300,000 with a deposit of £150,000.

It is likely that criteria and affordability are not the main concern (they would only need 1.5 times income). So, identifying the best product available with the lowest rate of interest for their preferred scheme with a product sourcing system such as MortgageBrain Classic or MortgageBrain Anywhere would be the best place to start.

2. A sole trader who has been self-employed for 18 months with only one year’s accounts, is looking to purchase a property that has overhead power lines running above the property which might cause lenders concern.

The applicant has a 30% deposit but has found some lenders require him to provide at least two years’ accounts to be considered for a mortgage. The primary focus here is not rate but rather can he get a mortgage given the circumstances? In this scenario, checking his criteria needs against options available utilising a system such as Criteria Hub would be the best place to start.

3. A single person in full-time employment is looking to buy a property for £300,000 with a 15% deposit, so they need to borrow the remaining balance of £255,000.

A client fact find captures their income, expenditure, and overall household profile and you think £255,000 might not be affordable for them. Again, the rate is a secondary consideration, as is criteria, the main concern is what lender will deem as affordable. Whilst this can be undertaken manually by visiting individual lender sites, using a tool such as Affordability Hub would enable you to quickly check if the amount the customer wishes to borrow is achievable from a range of selected lenders all at once! 

The above scenarios demonstrate there is not a one size fits all approach and illustrate how the latest technology can streamline your mortgage research journey. Such technology is not designed to create new parts of the sales process, but rather to make the existing processes more efficient and accurate so you can give your customers more choice in a fraction of the time.

Utilising leading systems such as Criteria Hub, Affordability Hub, and MortgageBrain Classic and Anywhere as standalone platforms can refine your process but become even more powerful when used together. To assist this, MortgageBrain Classic and Anywhere are now integrated with Criteria Hub, and Affordability Hub is available as part of your Criteria Hub license to provide an end to end mortgage journey.

Time saving technology

Time is money, and with cases becoming ever more complex, it’s easy for you to spend more time than you would like matching criteria for a client, when in fact your processes could be streamlined by embracing technology.

This is reflected by more advisers utilising the multi-search function within Criteria Hub which enables you to select up to 6 criteria at a time to source for complex cases in a single click.

In the last 90 days statistics revealed roughly a 60/40 split in favour of multi searches over single compare searches, with a surge in the use of both up 48% and 57% respectively, illustrating both the heightened requirement for multi criteria searches and the resurgence of the market post-lockdown.

When you combine the number of searches, the overall time saving is staggering. Using the average time for one search of five minutes multiplied by the total items of criteria searches 309,252, the time savings is circa 1,000 days. When you combine this with the ability to perform a multi criteria search within your product sourcing journey utilising Mortgage Brain, the power of these standalone solutions is truly realised.

Time savings can also be achieved when it comes to affordability sourcing with the ability for an adviser to do roughly 1.5 hours worth of work in less than 10 minutes* by getting the responses from over 20 lenders in a single search using Affordability Hub.

It’s easy to see how embracing technology in this way gives you greater coverage whilst requiring less of your time, no matter where in the process you start.

To find out more about how our solutions can streamline your sourcing process, contact us at sales@mortgage-brain.co.uk

* Based on the average selection of 21 lenders per search and the average time taken to complete a lenders calculator being 4 minutes. The average time spent to complete all 4 steps in Affordability Hub is 9 minutes 27 seconds.
- all statistics accurate at time of publication