Mortgage Broker Tools (MBT) has launched the first ever mortgage affordability index, according to the company.

The index is designed to provide brokers and lenders with an up-to-date snapshot of lender affordability calculations and the spread of loan sizes available for a range of different circumstances.

Furthermore, the system uses data analysis by MBT Affordability based on more than 65,000 client searches.

Tanya Toumadj mortgage broker tools

MBT: Clients’ requirements are being met despite shortfall in higher LTV products

The average loan size requested by brokers across the whole market in August was £210,000, to which the average minimum loan amount offered was £127,965 and the average maximum was £284,880.

Tanya Toumadj, chief executive at Mortgage Broker Tools, said: “Affordability is such an important part of placing any case and can often change the choice of lender that a broker recommends.

“So, we wanted to provide brokers with an accurate, data-driven snapshot of the latest affordability landscape to help them understand the likely borrowing potential for their clients from the outset.

“The MBT Affordability Index is a quick and easy way for brokers to see whether lenders are increasing the loan amounts they are prepared to offer, or restricting loan sizes.”