One of the most searched mortgage related phrases on Google is still "How much can I borrow?". Therefore, it is perhaps worth having a blog or page on your website that answers this question, with How Much Can You Borrow being the title.

However, am not here to talk about SEO, I am here to talk about time, or moreover one solution that can help to find some extra time in your working day.

This is because a common question broker's seem to ask these days is "How much time can I borrow?"


Borrowing & Time

One way to save a bit of time is through the use of affordability platforms, which have emerged as a powerful tool for both brokers (and lenders).

These can help you navigate the increasingly complex landscape of mortgage affordability. Once you are in full swing with using these platforms, they can save you a bit of time, and time is a crucial commodity.

The Shifting Landscape of Mortgage Affordability

Gone are the days when mortgage affordability could be easily calculated by simply multiplying a borrower's income by 4.49x. Today, the variation in loan amounts offered by different lenders is increasing as they develop more sophisticated affordability models.

As you will know, lenders will offer varying levels of maximum loan sizes for the same case, and I have seen differences between the highest and lowest loan offers is as much as £120,000 for the same case.

Interestingly, in 70% of cases, it's not the top 10 lenders that offer the highest affordability. This trend underscores the importance of conducting a broad search to balance affordability with price, ensuring the best outcomes for borrowers.

Such a broad search can be time consuming if you go to lender websites one by one.

Benefits of Time

With affordability being more complex, this is why we have seen the rise of affordability platforms, with reportedly over 70% of brokers now regularly using an affordability platform as part of their mortgage process.

There are many benefits of such platforms, but I want to focus on time here, because I am acutely aware of how little time brokers have these days. From our research, we discovered that on average, brokers save about 47 minutes per case using affordability platforms. In more complex cases, this time savings can exceed 90 minutes.

The ability to quickly and efficiently gather loan options from multiple lenders allows brokers to focus on delivering the best service to their clients.

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Time To Choose the Right Affordability Platform

There are several affordability platforms available to brokers and it can seem overwhelming trying to choose between them and time consuming too. To help find one that suits your needs, think about:
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The number lenders on the Platform: As new lenders enter the market with innovative affordability models, it’s essential to ensure that the platform includes a comprehensive panel of lenders.‍

‍Accuracy: This is arguably the most critical factor. The platform's ability to provide precise and reliable affordability assessments directly impacts the     broker's ability to make informed decisions.  
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Integration with Criteria and Sourcing: Platforms that integrate seamlessly can potentially save brokers even more time, particularly when running multiple scenarios for the same client.  

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Therefore, if you want to get some time back…one solution is to use an affordability platform so you don't work on borrowed time.

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