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Money Dashboard launches the Mortgage Affordability Tool PDF Print E-mail
Monday, 19 September 2016
Money Dashboard has launched the Mortgage Affordability Tool (MAT), a new product targeting the growing demand to ease the burden of accurately assessing consumer affordability.  

The launch was announced at the Council of Mortgage Lenders’ inaugural conference on “Digital Innovation in the Mortgage Market” on Wednesday 14 September 2016.

The MAT helps customers see their unique personal finances through the lens of a lender, understand what mortgage they can afford and get better advice from brokers and advisors. The new product leverages Money Dashboard's market leading technology and detailed understanding of consumer spending behaviours to create comprehensive and unique assessments of an individual's affordability position. Via a safe, verifiable and live source, it automatically collates the client's last 3 months of bank statements, whether they have one provider or many, analyses them and then transmits the findings directly to the broker’s CRM system.

Talking about the MAT, Steve Tigar, CEO of Money Dashboard says: "Following the Mortgage Market Review in 2014, customers, brokers and lenders have all been subject to more stringent assessments on mortgage affordability. This is costly and time consuming for the lender and broker, but it is also invasive, confusing and stressful for the customer. We bring easy, quick clarity for the customer and a fast, automated, standardised system for the broker or lender ".

No one else does this. As Head of Operations, Rory Bailey explained "the MAT empowers consumers by showing how their unique financial behaviours are likely to affect their affordability before they even apply for credit. The detail, speed and provenance of the data provided to brokers and lenders will catapult the industry into the forefront of the technological era, driving efficiency, compliance and competition".

The MAT will be initially launched to existing Money Dashboard customers in conjunction with The Right Mortgage Network. Steve Tigar, said "We're really excited to partner with the Right Mortgage Network. They have an obvious and clear interest in understanding their client's needs in detail and in developing long term and lasting relationships with them".

Martin Wilson, CEO of The Right Mortgage Network commented; “This is a fantastic tool for today’s consumers, giving them up-to-date current information regarding their financial circumstances complementing the busy lives of today's working people.”

The MAT is also available as a plug-in for both brokers and lenders' CRM systems, and consumers who access the MAT via this route will also be given access to Money Dashboard's core Personal Financial Assistant functions.

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