Twenty7tec unveils mortgage acquisition

Fintech firm Twenty7tec has acquired mortgage affordability platform Broker Sense for an undisclosed sum.

Broker Sense, founded by Stuart Phillips and Mark Spilsbury, helps mortgage advisers assess client affordability against lender rules whilst ensuring that they recommend the correct lender as part of their research process. 

By entering client data only the once, users of the platform receive affordability results from almost 100 mortgage lenders across both residential and buy to let sectors. 

The solution can also be integrated via API into other systems.

The Broker Sense platform will be integrated into SOURCE, Twenty7tec's mortgage research module.  

This will provide users with a single research solution for product, criteria, and affordability,  supporting advisers in delivering the right recommendations for their clients. 

James Tucker, chief executive of Twenty7tec, said: "We have witnessed a turbulent lending market over recent years, leading advisers to increasingly seek efficient platforms to aid them in their quest to provide the most up to date information for their clients.  

“At Twenty7tec we continue to invest in platforms that ease the day-to-day processes for these advisers and have conducted a thorough review of the numerous mortgage affordability tools that have recently come to market. 

“This acquisition is further evidence of our ongoing commitment to both acquire and deeply integrate technology that simplifies, streamlines, and digitises financial services.  We believe that in Broker Sense, we have acquired a business that truly delivers a robust, technologically advanced solution that promises to enhance the advisory experience.”

Meanwhile Twenty7tec has revealed mortgage search data from its platform that gives an insight into the current state of the market.

The figures show purchase mortgage searches were down 40.8% on the prior month in December and fell 12.8% annually.

Total first-time buyer mortgage searches were down 38.1% in December compared with a month before.

The average property valuation for purchases was up 0.2% on a monthly basis to £334,511.

Tucket said: “December’s performance was down on the prior month, but broadly in line with what we’d expect from most Decembers over the past few years.

“The next 12 months are going to be full of challenges for advisers and lenders as the move to satisfy customers in challenging economic conditions.”