Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Lenders Make 450,000 Product Updates in 2024, Says Twenty7tec

Lenders have made 450,000 product updates so far this year, according to data from software provider Twenty7tec. The company is offering existing broker customers who use its RESEARCH service a free two-month trial of its ADAPT tool to help them keep up with these changes.

Twenty7tec’s data highlights the scale of the challenge facing brokers in the current mortgage market. From the start of July up until yesterday, lenders made 46,844 changes to individual products.

The free trial of the ADAPT tool is available to RESEARCH users who sign up by 31 July. Twenty7tec says the tool is designed to provide brokers with confidence that they are working with the most up-to-date information.

For letting agents and inventory clerks, the high volume of product updates may impact clients’ mortgage options and timelines, underlining the importance of staying informed about market changes.