Benefits of Affordability and Sourcing Tools for Mortgage Advisers with 360 Lifecycle

By Stephen Cowdell, Head of Intermediary Sales at 360 Lifecycle 

The past five years have brought significant changes to clients' financial situations. The impact of covid as well as interest rate rises, coupled with exceptionally high living costs, have undoubtably impacted the UK mortgage landscape. How can leveraging technology help mortgage advisers tackle these challenges effectively?

In today’s competitive mortgage market, adopting advanced technology is key to delivering outstanding service. The integration of affordability and criteria sourcing tools with platforms like 360 Lifecycle provides numerous advantages, boosting accuracy, efficiency, and client outcomes.

Efficiency

Integrated affordability and criteria sourcing tools allow mortgage advisers to effectively manage their customers' expectations. The seamless integrations eliminate the need to re-key client data between different systems, saving time and reducing the risk of errors. Advisers can input client data once and use it across the various tools, ensuring consistency and accuracy in affordability checks and criteria matching.

Twenty7Tec

"In the fast-paced world of mortgage advice, efficiency and accuracy are paramount. Advisers spend time manually calculating loan eligibility for clients, which is timely and increases the risk of human error.

Mortgage eligibility information is often scattered across multiple systems, requiring advisers to search through various platforms. We put product, affordability and criteria solutions together, this saves time and ensures relevant data is accessible.

Our Affordability Module instantly retrieves results directly from lenders using their affordability calculations, eliminating the need to re-key and search for multiple lenders.

Our Criteria Module delivers instant access to detailed lender criteria, eliminating the need to visit multiple lender websites or rely on advisers to determine client eligibility.” - Says Twenty7Tec

Enhanced Accuracy

Accuracy is crucial in mortgage advising. Integrated affordability and criteria sourcing tools within 360 Lifecycle ensure advisers have access to real-time data and the latest lending criteria. These integrations help to conduct precise affordability assessments and match clients with the most suitable mortgage products based on their unique circumstances.

Mortgage Brain

"It is essential for advisers to have confidence their technology is user-friendly, reliable, and up-to-date. Ensuring searches and applications are accurate on the first attempt is crucial."

The Sourcing Brain platform streamlines tasks by eliminating the need for multiple logins and redundant data entry. It offers accurate, up-to-date information from multiple lenders, including tailored breakdowns and deal breakers, helping advisers manage client expectations and adapt quickly to market changes.

Sourcing Brain enables side-by-side research of various scenarios and generates instant comparisons, covering over 130 lenders and 98% of the market.

Criteria Brain allows sourcing of up to six criteria categories simultaneously, with detailed data on over 75,000 criteria for residential and buy to let mortgages.

Affordability Brain simplifies borrowing assessments with a single form that populates multiple lenders' calculators, delivering results in under a minute.

Having a fully integrated system allows client information from one system to be instantly pre-populated across other systems, reducing the need for advisers to waste time re-keying data.” - Says Mortgage Brain

Improved Client Satisfaction

Clients expect a fast, accurate and personalised service from their mortgage adviser. The integration of affordability and criteria sourcing tools within 360 Lifecycle allows advisers to meet these expectations effectively. The streamlined process means quicker turnaround times to receive the best mortgage options. This level of service enables trust and satisfaction, leading to higher client retention rates and more referrals.

Consumer Duty Compliance

The UK's Consumer Duty regulations emphasise the need for advisers to find the best products at the best prices for their clients, making integrated affordability and criteria sourcing integrations essential. These tools enable advisers to navigate the complex mortgage market more effectively, ensuring compliance with Consumer Duty by delivering comprehensive and accurate product recommendations.

Comprehensive Client Insights

Integrating all client information and tools into one platform gives mortgage advisers a complete view of their clients' finances. This insight allows advisers to provide more strategic, long-term advice and establish themselves as trusted financial partners.

Integrating affordability and criteria sourcing tools offers significant benefits for mortgage advisers. They streamline advice, enhance accuracy, improve client satisfaction, ensure Consumer Duty compliance, and provide comprehensive insights, helping advisers deliver effective service and build stronger client relationships. 

As the industry continues to evolve, leveraging such integrated technologies will be essential for staying competitive and achieving long-term success.

If you have any questions or would like more information, you can contact 360 Lifecycle directly on 0116 2408621 or email enquiries@360lifecycle.co.uk. Alternatively, you can visit www.360lifecycle.co.uk and follow us on LinkedIn and X @360Lifecycle.