The tool is aimed at automating the application process for remortgagors, generating personalised mortgage results by drawing existing information from a user’s credit report, and valuing a user’s property.
The current process often involves filling in several forms online and consumers often give up because of the hassle associated with remortgaging.
The new remortgage tool from ClearScore automatically inputs all the information needed to generate personalised mortgage results by drawing existing information from a user’s credit report and valuing a user’s property.
The tool is available to ClearScore’s seven million UK users through the iOS and Android app and website.
ClearScore also announced that in the next few months it will launch with Koodoo an automatic monitoring service that checks the mortgage market each day and notifies customers when they could save by switching.
The new technology will also be able to show users how likely they are to be accepted for particular deals and, for certain lenders, it will enable remortgaging in just a few clicks.
Record low rates
Justin Basini, ClearScore co-founder, said: “The current process for comparing mortgages online is really time-consuming and laborious – you have to fill in several pages of information before you can even get an estimated quote.
“It is painful and is putting people off switching to a new deal, costing them hundreds, sometimes thousands of pounds.
“We want as many people as possible to be able to take advantage of the record low remortgage rates on offer in 2019, using the latest technology to make it as simple and clear as possible for users to compare deals and save money.”