The credit reference agency will roll out the tool to its customers over two to three weeks, after the company secured a full mortgage eligibility permission from the Financial Conduct Authority (FCA).
The tool compares customer credit information against lenders’ criteria, with the aim of protecting a prospective borrower’s credit history.
Customers will initially be able to see their eligibility from seven mortgage providers, including Barclays, West Brom, Aldermore, Family BS, Leeds BS, Co-op and Coventry.
A spokesperson from Experian told Mortgage Solutions the company is planning to bring other lenders on board but cannot yet disclose further details citing commercial confidentiality reasons.
Broker London and Country will carry out the rest of the application if the borrower chooses to progress after being matched.
The tool is powered by fin-tech and pre-qualification company, HD Decisions, which Experian acquired in 2014, and will be available to other partners on a commercial basis.
Borrower confidence in their finances
The tool aims to take the stress out of the mortgage process and was planned a year ago, the spokesperson said.
It comes after Experian found more than a third of homeowners think knowing what deals they could be eligible for would have make the mortgage process easier to navigate.
Amir Goshtai, managing director of Experian Marketplace and Affinity, said that the mortgage eligibility services will help consumers better understand their options and give them confidence over their finances.
He added: “We have become used to checking our eligibility for products like credit cards and loans for some time now, and there’s no reason the service shouldn’t be available in the mortgage market too.
“Getting the right mortgage can potentially save buyers thousands of pounds a year and simplifying the process with eligibility will make a real difference.”