New Eligibility Checker from Experian and The New Homes Group Removes Doubt for Shared Ownership Homebuyers
Service will help brokers match people with lenders most likely to offer them a mortgage. Brokers can now quickly understand which lenders will accept their customers for a shared ownership mortgage using a new service from Experian and The New Homes Group.
Shared ownership is the latest scheme to be added to Experian’s pre-qualification eligibility panel. The government’s rules and affordability calculation are included in the check, so brokers will quickly qualify the customer with more confidence that the lender will accept them. This allows more time to provide advice and guidance for customers looking for a non-standard mortgage deal.
The new £11.5 billion Affordable Homes Programme runs from 2021 to 2026 and will deliver up to 180,000 homes across the UK, generating more demand for shared ownership. Brokers will need to have the best tools available to guide new home buyers in finding affordable mortgages.
Lisa Fretwell, Managing Director of Data Services at Experian UK&I, said: “Getting on the property ladder is an exciting moment in anyone’s life, yet the path leading up to receiving your keys can be daunting. We’ve worked with The New Homes Group to make the shared ownership mortgage application process that little bit easier for brokers and their customers alike. It’s the perfect time for this service as the UK ramps up its delivery of affordable homes.”
Terry Higgins, Group Managing Director for New Build Mortgage Services at The New Homes Group, said: “We’re keen to do more to support aspiring homeowners as the UK invests billions in affordable homes. The New Homes Group has over 30 years of new build expertise and the local knowledge required to support people on their journey to owning a new home. This technology will help people find the best shared ownership mortgages they qualify for. On the way, they’ll get expert support and advice, right up to moving day.”
Source: Experian Press Release