Experian pilots mortgage eligibility tool
The credit reference agency will pilot the tool on its comparison site, CreditMatcher, where it will pre-check mortgage eligibility against six lenders’ criteria.
The lenders include: Aldermore, Barclays, Family Building Society, Leeds Building Society, Platform and West Brom. However, initially, it will only be made available to 50% of customers visiting the site who will be randomly selected.
Experian said the tool will help people find out which mortgages they are likely to be accepted for and how much they could borrow, based on the lenders’ criteria.
It comes as research from the Intermediary Mortgage Lenders Association revealed that 64% of mortgage brokers said not fitting a lender’s criteria is a key frustration for consumers when applying for a mortgage.
Amir Goshtai, managing director of propositions & partnerships, Experian, 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.
“We are working with lenders to simplify this process and are delighted to offer a service that can help customers see the mortgages they are eligible for, before they make a full application. Our focus is to help people be more confident with their finances and this represents a strong step in that direction, through one of life’s most stressful purchases”.