Online mortgage broker Mojo Mortgages has partnered with credit bureau Credit Kudos to launch MortgageScore, a service to help first-time buyers get onto the property ladder.
MortgageScore, powered by open banking data from Credit Kudos, combines credit and employment history, spending habits, deposit saved and income to provide users with an individual score.
It will tell those looking to get onto the property ladder how their score is calculated and give guidance on how to improve it to become mortgage ready.
Richard Hayes, chief executive and co-founder of Mojo Mortgages, said: “We’re really excited to be able to work with Credit Kudos for MortgageScore.
“When launched, it’ll help thousands of first-time buyers get on the property ladder by simply giving them personalised advice on getting mortgage ready.
“Interestingly one in four first-time buyers who came to us weren’t eligible for a mortgage, so we want to change this and help as many people as possible to buy their first home.
“When it comes to integrating open banking, this is an industry first.
“We’ll be the first online broker to successfully integrate open banking data, and this will allow for more streamlined and accurate methods of calculating affordability, making real time decisions a reality and meaning less delays for the customer when it comes to getting a mortgage offer, and ultimately, reducing lender cost of service.
“It also takes the onus off the customer to provide all these details which can be laborious and time consuming.”
Freddy Kelly, chief executive and co-founder of Credit Kudos, added: “Millions of people across the UK struggle to get a mortgage because they can’t meet the affordability criteria, yet often this is because lenders are using outdated, inaccurate information to assess affordability and credit risk.
“Credit Kudos exists to make it easier and fairer for people to access credit by providing lenders with accurate, real-time information on someone’s credit worthiness.
“We’re delighted to be partnering with Mojo Mortgages to help its mortgage lenders make better, fairer credit decisions and provide borrowers with actionable insights to improve their chances of being approved.”