Check.co.uk has added a mortgage readiness feature to its app, bringing together credit, affordability, borrowing and deposit information to help consumers prepare for a mortgage application.
Mortgage Score by Check gives users a score based on a range of financial factors and provides personalised information on areas that could affect their ability to secure a mortgage.
The tool is intended to give prospective borrowers a broader view of their position than a credit score alone, including an indication of their potential home-buying power.
Users can set property and deposit goals and monitor their progress, before exploring mortgage options and accessing mortgage advice when they are ready to proceed.
EARLIER VIEW OF BORROWER POSITION
Check said the feature could also have implications for brokers by giving potential clients a better understanding of their finances before they seek advice.
It brings together information covering credit history, affordability, existing debt and deposits at an earlier stage of the mortgage journey, potentially allowing advisers to begin discussions with clients who have a clearer picture of their circumstances.
The feature is aimed at existing homeowners as well as first-time buyers, including borrowers considering a house move, remortgage or releasing equity from their property.
Matt Meecham (pictured), director at Check.co.uk, said: “Whether someone is buying their first home, moving house, remortgaging or considering releasing equity from their property, making a mortgage decision is about much more than having a good credit score.
“Consumers need to understand what they may be able to afford, how their existing borrowing affects their position, the equity or deposit available to them and how lenders may view their wider financial circumstances.
“The challenge is that much of this information can be difficult to bring together until someone is already seriously considering a mortgage application.
“Mortgage Score is designed to bring that understanding much earlier in the journey, giving people a clearer picture of where they stand, what options may be available and the areas they may be able to work on.
“It also means Mortgage Score isn’t just for tenants or first-time buyers. We want it to support homeowners throughout their property journey, whether they’re looking to move home, review their existing mortgage or understand how the equity they’ve built up could support their future plans.”
