Experian introduces direct-to-consumer mortgage eligibility tool

Ryan Bembridge

September 28, 2017

Experian has introduced a tool designed for consumers to check which mortgages they are likely to be accepted for and how much they can borrow.

The eligibility tool is being piloted to 50% of the visitors to Experian’s comparison side CreditMatcher.

Barclays, Aldermore, Family, West Brom, Leeds and Platform are currently on the system.

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Providing the pilot is successful all users will be able to use the tool in future.

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.”

Two thirds (64%) of brokers say not fitting a lenders’ criteria is their key frustration when applying for a mortgage.

The pilot is part of the FCA regulatory sandbox, which enables businesses to test innovative products, services, models and delivery mechanisms in a live environment.

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