Experian, the global information services company, is introducing a mortgage eligibility tool, which is designed to take out the guesswork for people seeking mortgages.

The mortgage eligibility function will be piloted on Experian comparison site CreditMatcher, initially being available to 50% of customers visiting the site. The function will help people find out which mortgages they are likely to be accepted for and how much they could borrow, based on lenders’ criteria. Currently, there are six lenders signed up to Experian’s pilot.

Equipped with this enhanced understanding of their eligibility for different options, consumers will be more informed when they speak to a mortgage broker for professional advice, which could help them save time.

It can also reduce the chance of disappointment further down the process. The current mortgage process can lead to anxiety, with 64% of brokers citing not fitting a lender’s criteria as a key frustration for consumers when applying for a mortgage (Source: Intermediary Mortgage Lenders Association).

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”.

The pilot is part of the FCA regulatory sandbox created by Innovate, which enables businesses to test innovative products, services, models and delivery mechanisms in a live environment. The sandbox provides innovators such as Experian with support to navigate the regulatory system and promote competition in the interests of consumers.

Source: Experian