New mobile app provides mortgage decision in just 15 minutes

August 12, 2015 by Brendan O'Neill

Borrowers

Borrowers can use their computer, tablet or mobile phone to find out whether or not they qualify for a mortgage in a quarter of an hour, thanks to a new app released by the Halifax.

The ‘Agreement in Principle’ tool was recently released by the Halifax so that borrowers can find out very quickly whether they are likely to be accepted for a mortgage, based on just a few details.

The tool uses information about an applicant’s income and expenditure, credit score and some other factors to offer its advice, although the value of the property and the deposit amount aren’t required at this stage. The app provides the initial assessment of whether a person is likely to be able to borrow the money for a home.

Once a decision has been received, borrowers can then use the tool to see how the size of the deposit will affect monthly mortgage payments, and also provide details of the stamp duty fees, legal costs and other costs associated with house buying. The decision is sent to the applicant by email and can be used to demonstrate that you can borrow the money in principle. However, experts have raised concerns that the app doesn’t assess suitability for a particular product which may not be suitable for a person’s requirements.

Before making a firm decision to apply for a mortgage, make an appointment to speak to a mortgage adviser. CeMAP training ensures that an adviser is aware of the current products on the market and which will be most suitable.