You are here: Home - News -

Compare the Market launches mortgage eligibility tool

by:
  • 25/10/2018
  • 0
Compare the Market launches mortgage eligibility tool
Comparethemarket.com has launched a mortgage tool that indicates how much users may be able to borrow and which lenders may consider offering a deal.

 

The ‘eligibility checker’ carries out a soft credit check on a prospective first-time buyer, home mover or remortgagor after they give personal details including income and outgoings.

Users are also asked about the type of property they’d like to buy, length of required mortgage term and deposit details.

The tool, which takes around five minutes to complete, then lists lenders that may be suitable and how much a user could borrow.

The service is not whole of market with only eight providers covering 12% of market share; lenders working with CompareTheMarket.com include Accord, Platform, West Brom, as well as Coventry, Leeds, Skipton and Family Building Society.

Users are then directed to call the comparison site’s partner broker Moneyquest mortgage brokers to continue with an application.

 

Expanding mortgage comparison services

The comparison site said it will expand the offer later this year to give users specific mortgage rates and details from lenders, such as fees and monthly repayments.

Shakila Hashmi, head of money at Comparethemaket.com, said: “Our mortgage eligibility checker allows customers to check whether and how much they can borrow, before making an application.

“In some cases people may find they are not eligible for a mortgage at the time of checking, but a soft check does not impact your credit rating and allows you to make the changes necessary to help secure a mortgage at a later date.

“This is particularly beneficial to first-time buyers who have not been through the home buying process before, but equally beneficial to remortgagors who may be looking to take out some funds for home improvement or get on to a better rate.”

Comparethemarket is the latest comparison site to expand its mortgage offering.

Moneysupermarket.com is developing a tool with Podium that will allow users to compare and take out mortgages.

​GoCompare partners with Mortgage Gym, which offers a similar service to Comparethemarket.com’s eligibility tool.

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.

Profiles

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.

Marketwatch

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.

Poll

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:
A landlord hands her tenants a set of keys
One in three landlords raise rents but majority hold off for reliable tenants – research

A third of landlords have increased rents although two thirds say they are willing to ease their demands to keep...

Close