Consumers can now use a tool showing them which mortgages they are likely to be accepted for and how much they can borrow, based on lenders’ criteria.
Experian has launched a mortgage eligibility service for consumers after securing permission from the Financial Conduct Authority.
Consumers can now use a tool showing them which mortgages they are likely to be accepted for and how much they can borrow, based on lenders’ criteria.
The providers on the system are Barclays, West Brom, Aldermore, Family BS, Leeds BS, Co-op (Platform) and Coventry.
Amir Goshtai, managing director, Experian Marketplace & Affinity, Experian, said: “The homebuying process can be a stressful time, so being able to introduce mortgage eligibility will really help consumers better understand their options and give them confidence over their finances.
“We have become used to checking our eligibility for products like credit cards and loans for some time now, and there’s no reason the service shouldn’t be available in the mortgage market too.
“Getting the right mortgage can potentially save buyers thousands of pounds a year and simplifying the process with eligibility will make a real difference.”
Experian piloted the mortgage eligibility tool in 2017.
Around 70% of customers would get a mortgage with one of the service’s lenders – but nearly half needed to adjust their deposit or the amount that they were looking to borrow to meet affordability requirements.
