UK-based fintech firm Twenty7Tec has acquired mortgage affordability platform Broker Sense for an undisclosed sum, reported FT Adviser.
The acquired firm, which was founded by Stuart Phillips and Mark Spilsbury, aids mortgage advisers by streamlining affordability research.
Through the platform, advisers can assess client affordability against lender rules, while ensuring that the correct lender is recommended as part of the research process.
The platform is said to provide affordability statistics from almost 100 mortgage lenders in both the residential and buy-to-let sectors once client data is entered.
Broker Sense will be integrated into ‘Source’, Twenty7Tec’s mortgage research solution.
Twenty7Tec CEO James Tucker said that the acquisition is a part of the company’s aim to invest in platforms that make advisers’ daily tasks easier.
Tucker 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.
“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.”
Broker Sense managing director Stuart Phillips said: “Twenty7tec has long been a market leader in the provision of technology solutions that make advisers’ lives easier.
“I am delighted that Broker Sense will now form part of the Twenty7tec suite of products, and the integration of our affordability solution into SOURCE will extend the depth and breadth of what is already a first-class research platform.”