The eligibility tool is being piloted to 50% of the visitors to Experian’s comparison side CreditMatcher.
Experian has introduced a tool designed for consumers to check which mortgages they are likely to be accepted for and how much they can borrow.
The eligibility tool is being piloted to 50% of the visitors to Experian’s comparison side CreditMatcher.
Barclays, Aldermore, Family, West Brom, Leeds and Platform are currently on the system.
Providing the pilot is successful all users will be able to use the tool in future.
Amir Goshtai, managing director of propositions & partnerships, Experian, said: “Buying a house is one of the most important life events for people, and applying for a mortgage can be complicated and time consuming.
“We are working with lenders to simplify this process and are delighted to offer a service that can help customers see the mortgages they are eligible for, before they make a full application.
“Our focus is to help people be more confident with their finances and this represents a strong step in that direction, through one of life’s most stressful purchases.”
Two thirds (64%) of brokers say not fitting a lenders’ criteria is their key frustration when applying for a mortgage.
The pilot is part of the FCA regulatory sandbox, which enables businesses to test innovative products, services, models and delivery mechanisms in a live environment.
