New feature helps buyers assess eligibility on properties ahead of viewings
Rightmove and Nationwide have unveiled a new real-time digital feature that flags whether a property is likely to qualify for a mortgage — marking what they call a global first.
The feature, called the property lending check, gives homebuyers immediate insight into the mortgage eligibility of a specific property before booking a viewing or making an offer. The tool is aimed at helping buyers gain earlier confidence in their financing options and avoid delays later in the process.
Nationwide evaluates common lending risks associated with listings — such as flood exposure or short lease terms — to determine if the property meets typical lending criteria. The result is shown directly on the Rightmove listing.
The lending check complements Rightmove’s existing Mortgage in Principle product, which is also powered by Nationwide. That tool has seen record engagement early this year, helping buyers understand their affordability much earlier in the search process.
Previously, buyers could use the Mortgage in Principle to understand their borrowing capacity, but the tool did not provide insight into whether a particular home would be acceptable to a lender. The latest initiative is part of Rightmove’s broader push to streamline the home-moving process through digitisation. The platform has continued to add new tech features designed to support faster transactions in a market where it still takes more than five months on average to complete a sale.
The companies say the digital check will assist estate agents by identifying more proceedable buyers and reducing time spent on sales that are unlikely to complete.
“This is the next step in our mission to digitise more of the UK property market – the ability to give home-movers a real-time view of whether they are likely to be able to get a mortgage on a specific property,” said Matt Smith (pictured left), head of mortgages at Rightmove. “Our ambition is to build digital solutions that make the home-buying process more efficient, giving buyers a better understanding of their affordability much earlier.”
“We know that the homebuying process needs simplifying and streamlining and technology plays a crucial role in that,” added Henry Jordan (pictured right), director of home at Nationwide Building Society. “By working closely with Rightmove, we’ve already been able to introduce the successful Mortgage in Principle tool.
“However, we know that people who find a property listing they like are keen to know whether they’ll be able to get a mortgage on it. So, the launch of the property lending check feature is the natural next step.”
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