The amount of people searching for a mortgage who meet the qualifying criteria for every deal on the market is 3.5% according to research by Experian.
One in five (22%) of those using pre-qualification websites to find a mortgage meet the initial qualifying criteria for every lender, however this figure falls to 3.5% once their affordability is considered with an eligibility check.
Lenders decline a third of customers as they do not meet their full lending criteria, whilst one in four find they are eligible for a mortgage with at least one lender but not able to borrow their desired amount.
Lisa Fretwell, managing director of data services at Experian, said: “People don’t want to leave anything to chance when they’re trying to buy their dream home.
“Pre-qualification websites strengthen their position, signposting mortgages which they will find affordable and be accepted for, so they can get the loan they want.
“Mortgage lenders are using new services to increase their acceptance rates.
“Pre-qualification connects them with people who are eligible to borrow from them, while open banking services allow them to quickly understand someone’s income and outgoings.
“We are working with more mortgage lenders who want to leverage pre-qualification and open banking technology to find eligible new borrowers and give customers the best possible service.”