You are here: Home - News -

New affordability software aims to enable 10-minute applications

  • 05/01/2017
  • 0
New affordability software aims to enable 10-minute applications
Equifax has partnered with fintech firm Castlight Financial to launch a real-time affordability platform which aims to drive down the time taken for mortgage applications to 10 minutes.

The platform will allow consumers the option to let brokers view their credit history with a summarised overview of their spending behaviour, giving brokers a clearer view of the client’s financial position.

Brokers will be able to access the details in an ‘affordability passport’ which will be generated by the applicant in a secure and private portal.

The platform gathers consumer data in real-time with a historic view of how the applicant manages their client. Equifax’s tool can also be integrated into existing origination platforms.

Last year, the Competition and Markets Authority published a raft of measures for banking products that to allow customers to share their data with other banks and third parties through the use of a single app, with the potential for significant opportunities in the mortgage market.

Bob Hunt, CEO of Paradigm Mortgage Services, which will be one of the first distributors of the new platform, said: “This tool significantly aids not just the client in understanding their true financial status, and their attractiveness as potential borrowers, but we believe it is able to offer a substantial benefit to the mortgage application process.

“With the advent of Open Banking and PSD2 we are about to see significant change in the accessibility and availability of data to clients, who can access their information in this type of secure environment.”

Jake Ranson, banking and financial institutions director at Equifax UK, added: “Working with specialist technology partners from across the industry is a great way to innovate on behalf of both clients and consumers so we are excited to be working with Castlight to deliver something unique to the market.”

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Gary Playlet, BDM at Signature Private Finance
Signature hires BDM for London and the South

Short-term lender Signature Private Finance has appointed Gary Playle as business development manager (BDM) in London and the South of...