Borrowers will soon be able to find out whether they are likely to be granted a mortgage, thanks to a free eligibility tool launched by Experian.
The tool will be piloted on CreditMatcher, the comparison site of Experian. Eligibility for a mortgage will be checked against the criteria of six lenders: Leeds Building Society, Platform, Family Building Society, West Brom, Barclays and Aldermore. Initially, the tool will be offered to around half the users who visit the site, and these will be chosen at random.
According to Experian, the tool will help borrowers find out how much they may be able to borrow, and which mortgages they may be able to secure, based on the criteria of the lenders. The new tool has been launched following a study conducted by the Intermediary Mortgage Lenders Association, which demonstrated that 64% of mortgage brokers cited not fulfilling the lender’s criteria as beind one of their customers’ main frustrations.
The managing director of propositions and partnerships for Experian, Amir Goshtai, said:
“Buying a house is one of the most important life events for people, and applying for a mortgage can be complicated and time consuming.”
Goshtai added that Experian was working alongside lenders to improve the process, making it simpler for borrowers. He said that they were happy to be able to help consumers see which mortgages they may be eligible for, before submitting an application. CeMAP mortgage advisors are also able to help borrowers to approach the lenders most likely to offer a mortgage.
