Experian creates eligibility checker for advisors

March 22, 2021 by Brendan O'Neill

Mortgage Advisors

Experian has teamed up with The New Homes Group to develop a mortgage eligibility checker for advisors that is suitable for use across all of its shared ownership products.

Shared ownership mortgages are something new that has been added to the panel for pre-qualification eligibility by Experian. The checker is intended to enable mortgage advisors to qualify clients more swiftly and with a greater degree of certainty that Experian will accept their loan applications. The affordability calculations and rules established by the government are factored into it.

Loans for shared ownership are expected to be greatly in demand over the coming months, thanks to the launch of the government’s Affordable Homes Programme. Due to run for five years, this scheme will see around 180,000 such homes built throughout the country.

In preparation for that demand, four major lenders – including Skipton Building Society – have signed up for the checker, with more expected to follow.

Experian UK Data Services Managing Director Lisa Fretwell told Financial Reporter that buying a first home was a key ambition for many people, but that it could sometimes be a tricky one, before adding:

“We’ve worked with The New Homes Group to make the shared ownership mortgage application process that little bit easier for brokers and their customers alike.”

Fretwell concluded by saying that the affordable homes scheme launch made it the ideal time for the release of this checker.

Reputable advisors with a CeMAP qualification tend to welcome tools that reduce their workload and make the job of finding suitable loans for their clients a bit easier.