Mr Affordability says: Don't get caught out by lender calculator changes

These figures are typically taken from ONS data, and we are reaching the time of year when lenders update this ONS data. Although this process happens behind the scenes, the updates can lead to different affordability results to your clients.

Updating ONS data within an affordability calculator is rarely, if ever, an announcement that is made by lenders – for example, did you know that Santander has recently updated its figures? So, the problem is, how do you know, whether changes have been made and how they might affect your clients’ affordability prospects.

It’s not uncommon for brokers to be caught out by shifting affordability calculations between a DIP and full application, and this is obviously particularly annoying if it throws out you case when you are well advanced in the process.

So, how can you keep on top of these changes, especially for those clients whose affordability you assessed several weeks ago?

This is one of the many uses of an affordability research platform like MBT Affordability. If, for example, you carried out your initial research using the platform, all you need to do to get an updated result ahead of submitting the full application is to find your client on the dashboard, click ‘get results’ and you will automatically be displayed the up-to-date results.

Lenders adjust their affordability calculators more often than you might think, but affordability research platforms like MBT Affordability mean that you no longer need to be caught out.