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Saffron BS launches Burrow mortgage qualification tool

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  • 16/03/2020
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Saffron BS launches Burrow mortgage qualification tool
Saffron Building Society has become the first lender to launch the Burrow mortgage qualification tool, giving potential consumers a more accurate assessment of their borrowing eligibility.

 

Following a questionnaire, consumers are given a personalised report which includes a maximum loan amount and specific Saffron mortgage products based on the potential borrower’s requirements. 

The tool aims to streamline the mortgage application process and could make it more convenient for applicants to go directly to the lender.

Burrow also hopes it will address consumer confusion and concerns when it comes to mortgage applications. 

Individual lenders are able to use the platform to score and rank clients depending on the quality of the lead for their purposes.

A spokesperson for Burrow said this meant if a client had complex criteria they would potentially be scored and ranked differently than a vanilla case.

With this information, a lender can then decide which leads to prioritise and whether they will arrange for a meeting over the phone or in person, and other advice and contact strategies. 

 

Saffron use

Laura Bright, product manager at Saffron, said gaining immediate access to information and receiving instant decisions had become the norm due to developments with technology. 

She said: “By giving the consumer access to more information before any initial appointments with a lender, Burrow saves valuable time – allowing them to gain a better understanding of their current eligibility and more knowledge when approaching an industry expert. 

“Similarly, because lenders have access to the customers’ data before the first call, they are able to save time and have more tailored conversations.” 

 

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